India’s foreign exchange (forex) reserves surged by $9.699 billion, reaching a new all-time high of $666.854 billion for the week ending July 12, according to the latest data from the Reserve Bank of India (RBI). This significant increase follows a rise of $5.158 billion in the previous week, which had already set a new high of $657.155 billion for the week ending June 7.
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A breakdown of the reserves shows that India’s gold reserves saw a substantial increase of $1.231 billion, bringing the total to $58.663 billion for the week ending July 12. Additionally, the country’s special drawing rights (SDRs) rose by $76 million, totaling $18.111 billion, as per the RBI’s report.
The foreign currency assets, when expressed in dollar terms, account for the appreciation or depreciation of non-US currencies such as the euro, pound, and yen that are part of the forex reserves.
Moreover, India’s reserve position with the International Monetary Fund (IMF) increased by $32 million, reaching $4.609 billion during the same reporting week. This data underscores the robust growth in India’s forex reserves, reflecting strong financial management and favorable economic conditions.
newskarnataka.com