India’s Forex Reserves Jump By $816 Million to $653.71 Billion; Details Here

India’s foreign exchange reserves (forex reserves) increased by $816 million to $653.711 billion during the week ended June 21, according to the latest RBI data. In the preceding week, the overall reserves had dropped by $2.922 billion to $652.895 billion.

India’s forex reserves hit an all-time high of $655.817 billion on June 7.

According to the latest RBI data released on June 28, India’s gold reserves rose $988 million to $56.956 billion during the week ended June 21, while the special drawing rights (SDRs) fell $57 million to $18.049 billion.

For the week ended June 21, foreign currency assets, a major component of the reserves, decreased by $106 million to $574.134 billion.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

India’s reserve position with the IMF was down by $9 million to $4.572 billion in the reporting week, according to the RBI data.

Sanjeev Agrawal, president of the PHD Chamber of Commerce and Industry, said, “India’s foreign currency reserves remain robust and maintain a steady stance at more than $653 billion as on June 21, 2024, amidst geopolitical uncertainties and vulnerable global economic environment. The high economic growth trajectory, strong exports, attractiveness towards global investors and a robust capital market of India are boosting this trajectory of the forex reserves.”