Forex Reserves Jump To $622.469 Billion

India's forex reserves jumped by $5.736 billion to $622.469 billion for the week ended Feb. 2, the Reserve Bank said on Friday.

In the previous week, the overall reserves had increased by $591 million to $616.733 billion.

In October 2021, the country's forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed them to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended Feb. 2, the foreign currency assets, a major component of the reserves, increased by $5.186 billion to $55.331 billion, as per the data of RBI.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in foreign exchange reserves.

Gold reserves increased by $608 million to $48.088 billion during the week, RBI said.

Special Drawing Rights were down by $58 million to $18.19 billion, the central bank said.

India's reserve position with the IMF was unchanged at $4.86 billion in the week.