India's Forex Reserves Reach Record High of $666.854 Billion

India's forex reserves reached a historic high of $666.854 billion for the week ending July 12, according to the RBI. The increase includes a $8.361 billion rise in foreign currency assets and a $1.231 billion increase in gold reserves. The IMF reserve position also grew by $32 million.

India's forex reserves surged by USD 9.699 billion to an unprecedented high of USD 666.854 billion for the week ending July 12, the Reserve Bank of India (RBI) reported on Friday.

In the previous week, the reserves had risen by USD 5.158 billion, hitting USD 657.155 billion, thereby surpassing the previous peak of USD 655.817 billion for the week ending June 7.

The increase for the week ending July 12 was predominantly driven by a USD 8.361 billion boost in foreign currency assets, which totaled USD 585.47 billion, the RBI data indicated. Expressed in dollar terms, these assets include the effects of appreciation or depreciation of non-US currencies such as the euro, pound, and yen.

Gold reserves also climbed by USD 1.231 billion to USD 58.663 billion during the same period. Additionally, Special Drawing Rights (SDRs) increased by USD 76 million to USD 18.111 billion, and India's reserve position with the International Monetary Fund (IMF) grew by USD 32 million to USD 4.609 billion, the central bank noted.

(With inputs from agencies.)