India's forex reserves surge on sharp gold gains
India’s foreign exchange reserves rose by $14.361 billion to $723.774 billion during the week ended January 30, according to the weekly bulletin released on Friday by the Reserve Bank of India (RBI).
Data from the central bank showed that foreign currency assets—the largest component of the country’s forex reserves—declined by $493 million to $562.392 billion during the week, News.Az reports, citing Xinhua.
In contrast, gold reserves recorded a sharp increase, rising by $14.595 billion to $137.683 billion.
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The RBI bulletin also indicated that Special Drawing Rights (SDRs) increased by $216 million to $18.953 billion. Meanwhile, India’s reserve position with the International Monetary Fund (IMF) improved by $44 million, reaching $4.746 billion.
By Nijat Babayev
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