India’s Forex Kitty Rises: Reserves Jump $5.7 Billion to $622.47 Billion


  • India’s foreign exchange reserves witnessed a significant increase of $5.7 billion for the week ending February 2nd, 2024, reaching a total of $622.47 billion.
  • This positive movement follows a previous increase of $591 million in the week before, indicating a trend of stabilization and potential growth in the country’s forex reserves.
  • While this is positive news, it’s important to remember that the reserves remain below their all-time high of $645 billion reached in October 2021.
  • The recent rise is attributed to various factors, including:
    • Increased foreign investments: Positive investor sentiment towards the Indian economy and potential for higher returns could be driving inflows.
    • Trade surplus: A surplus in merchandise trade, where exports exceed imports, can contribute to forex reserve accumulation.
    • Foreign currency purchases by the Reserve Bank of India (RBI): The central bank might be strategically buying foreign currency to bolster reserves and maintain exchange rate stability.

Key Breakdown of Components:

  • Foreign Currency Assets: These assets, comprising the largest component of reserves, saw a rise of $5.19 billion to $55.33 billion.
  • Gold Reserves: Gold reserves also experienced an upward trend, increasing by $608 million to $48.09 billion.
  • Special Drawing Rights (SDRs): These reserves held by the International Monetary Fund (IMF) saw a slight decrease of $58 million to $18.19 billion.


The recent increase in India’s foreign exchange reserves is a welcome development, indicating potential economic stability and resilience. However, it’s crucial to monitor the situation closely and understand the underlying factors driving this trend. Continued vigilance and strategic management by the RBI are essential to ensure the sustained growth and stability of India’s forex reserves.

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