India's Forex Reserves Reach New All-Time High Of $ 689.458 Bn
The rise in reserves was primarily driven by an increase in gold holdings, which grew by USD 899 million to USD 62.887 billion
India's foreign exchange (forex) reserves climbed by USD 223 million to reach a record high of USD 689.458 billion for the week ending 13 September, according to data released by the Reserve Bank of India (RBI) on Friday.
This marks another significant milestone for the country’s forex reserves, which had surged by USD 5.248 billion in the previous week to USD 689.235 billion.
The rise in reserves was primarily driven by an increase in gold holdings, which grew by USD 899 million to USD 62.887 billion. However, foreign currency assets, the largest component of the forex reserves, saw a decline of USD 515 million to USD 603.629 billion. These assets include the impact of currency fluctuations for non-US currencies such as the euro, pound, and yen.
Other components of the reserves experienced a mixed trend, with the Special Drawing Rights (SDRs) decreasing by USD 53 million to USD 18.419 billion. Meanwhile, India's reserve position with the International Monetary Fund (IMF) fell by USD 108 million to USD 4.523 billion, according to the RBI’s report.
