India’s Forex Reserves Rise by $5.57 Billion to $629.55 Billion

India’s foreign exchange reserves increased by 5.57 billion dollars to 629.55 billion dollars in the week ending January 24, according to the latest data released by the Reserve Bank of India (RBI). In the previous week, the country’s forex reserves had declined by 1.8 billion dollars in the week ending January 17 and had settled at 623.98 billion dollars. The uptick was primarily attributed to a significant gain in Foreign Currency Assets (FCA), a major component of the reserves. The FCA surged by 4.75 billion dollars to over 537.89 billion dollars during the week. Additionally, gold reserves were up by 704 million dollars, totalling over 69.65 billion dollars.