Forex reserves hit five month high

India's foreign exchange reserves jumped to a five month high in the week ended January 13, according to the Reserve Bank of India's (RBI) statistical supplement released on Friday. Reserves hit $572 billion, the highest since early August last year. The number is higher than the earlier week - ended January 6 - at $561.58 billion. India's reserves hit a more-than-two-year low of $524.52 billion in October 2022. According to RBI's latest data, India's foreign currency assets, the biggest component of the forex reserves, rose by USD 9.078 billion to USD 505.519 billion. Gold reserves also rose by USD 1.106 to USD 42.890 billion.

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