Forex reserves zoom by $10.417 bn to $572 bn

India's forex reserves zoomed by $10.42 billion to $572 billion as on January 13, making it one of the biggest weekly jumps in the kitty in recent times.

In the previous reporting week, the overall reserves had dropped by $1.268 billion to $561.58 billion.

In October 2021, the country's forex kitty reached an all-time high of $645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

In October 2022, the reserves had swelled by $14.72 billion during a week.

For the reporting week, the foreign currency assets, a major component of the reserves, increased by $9.08 billion to $505.52 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

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 the foreign exchange reserves.

The gold reserves continued to rise, jumping by $1.11 billion to $42.89 billion, the RBI said.

The Special Drawing Rights (SDRs) were up by $147 million to $18.36 billion, the apex bank said.

The country's reserve position with the IMF was also up by $86 million to $5.23 billion in the reporting week, the apex bank data showed.