India's Forex Reserves Rebound with Significant Increase

India's foreign exchange reserves surged by USD 5.574 billion to USD 629.557 billion as of January 24, reversing a recent declining trend. The increase is attributed to foreign currency assets and gold reserves, with changes also influenced by market interventions and global currency values.

India's foreign exchange reserves marked a substantial increase, rising by USD 5.574 billion to reach USD 629.557 billion by January 24, according to the Reserve Bank of India.

This rebound follows a drop the previous week when reserves slipped by USD 1.888 billion to USD 623.983 billion, continuing a downward trend attributed to currency revaluation and RBI's market interventions.

The notable surge was primarily driven by a USD 4.758 billion increase in foreign currency assets and a USD 704 million gain in gold reserves. Additional contributions came from upticks in Special Drawing Rights and India's position with the IMF, signaling a strengthening financial buffer for the nation.

(With inputs from agencies.)