India's Forex Reserves Reach Record High of USD 689.235 Billion

India's foreign exchange reserves soared by USD 5.248 billion, reaching a new peak of USD 689.235 billion for the week ending September 6. Key components showed significant increases, including foreign currency assets and gold reserves, as reported by the Reserve Bank of India.

India's foreign exchange reserves soared by USD 5.248 billion to an unprecedented high of USD 689.235 billion for the week ending September 6, the Reserve Bank of India (RBI) reported on Friday.

In the previous week, reserves had already reached a record USD 683.987 billion, reflecting a USD 2.299 billion uptick.

According to the latest data, foreign currency assets—a primary component of the reserves—increased by USD 5.107 billion to USD 604.144 billion.

These assets, valued in US dollars, account for the appreciation or depreciation of non-US currencies like the euro, pound, and yen within the reserves.

Additionally, gold reserves climbed by USD 129 million to USD 61.988 billion during the week.

The apex bank noted that the Special Drawing Rights (SDRs) rose by USD 4 million to USD 18.472 billion.

India's reserve position with the International Monetary Fund (IMF) also improved, rising by USD 9 million to USD 4.631 billion.

(With inputs from agencies.)