India’s forex reserves decline by $1.88 billion to $623.98 billion

India’s foreign exchange reserves fell by $1.88 billion to $623.983 billion in the week ending January 17, according to data released by the Reserve Bank of India (RBI) on Friday, January 24. This follows a steeper decline of $8.714 billion the previous week, bringing the reserves down from $625.871 billion.

#Forex Data | Total Reserves In Week-Ended January 17 Down $1.9 Bn At $623.98 Bn

Foreign Currency Assets In Week-Ended January 17 Down $2.9 Bn At $533.13 Bn pic.twitter.com/xTFdsujYbh

— CNBC-TV18 (@CNBCTV18Live) January 24, 2025

The reserves had previously peaked at an all-time high of $704.885 billion in late September. India’s foreign exchange reserves declined for the sixth consecutive week, touching a 10-month low

of $625.9 billion for the week ended January 10.

In the latest week, foreign currency assets, the largest component of the reserves, decreased by $2.878 billion to $533.133 billion. These assets include the impact of currency fluctuations on non-US units like the euro, pound, and yen.

Gold reserves, however, rose by $1.063 million to $68.947 billion, while Special Drawing Rights (SDRs) edged up by $1 million to $17.782 billion. Conversely, India’s reserve position with the International Monetary Fund (IMF) fell by $74 million to $4.122 billion.

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