India's Forex Reserves Surge to All-Time High

India's forex reserves reached a new peak of USD 689.235 billion for the week ending September 6, according to the Reserve Bank of India. The reserves saw a significant increase from the previous week, driven by a rise in foreign currency assets, gold reserves, Special Drawing Rights, and India's position with the IMF.

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

The previous reporting week witnessed a jump of USD 2.299 billion, culminating in a record USD 683.987 billion.

Key components contributing to this growth included an increase of USD 5.107 billion in foreign currency assets, now totaling USD 604.144 billion. Gold reserves also rose by USD 129 million to USD 61.988 billion.

Additionally, the Special Drawing Rights (SDRs) expanded by USD 4 million to USD 18.472 billion, and India's reserve position with the IMF improved by USD 9 million to USD 4.631 billion.

(With inputs from agencies.)