India’s foreign exchange reserves surged by $14.1 billion to $707 billion in the week ended August 7, according to data released by the Reserve Bank of India (RBI).
The rise was led by an increase in foreign currency assets, the largest component of the country’s reserves. Foreign currency assets grew by $9.9 billion to $574.6 billion during the week.
India’s gold reserves also recorded a significant increase of $3.9 billion, reaching $108.7 billion. The country’s reserve position with the International Monetary Fund (IMF) rose by $116 million to around $4.9 billion.
Meanwhile, India’s Special Drawing Rights (SDRs) increased by $79 million to $18.74 billion.
The latest increase takes India’s forex reserves above the $700 billion mark, strengthening the country’s external financial buffer and providing greater resilience against global economic and currency-related uncertainties.
