India's Forex reserves hit new peak of $689.24 billion

17 Sep 2024 CW Team

India's foreign exchange reserves surged by $5.248 billion to reach a new all-time high of $689.235 billion for the week ending September 6, according to the Reserve Bank of India (RBI). In the previous week, the reserves had risen by $2.299 billion to a record $683.987 billion.

Foreign currency assets, the largest component of the reserves, saw an increase of $5.107 billion, reaching $604.144 billion. These assets include the effects of appreciation or depreciation of non-US currencies like the euro, pound, and yen.

Gold reserves also rose, increasing by $129 million to $61.988 billion for the week. Additionally, the Special Drawing Rights (SDRs) grew by $4 million to $18.472 billion. India's reserve position with the International Monetary Fund (IMF) increased by $9 million to $4.631 billion during the reporting week. (Business Standard)

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