India's Forex Reserves Hit New All-Time High Despite Mixed Asset Performance

India's forex reserves rose to a record USD 689.458 billion for the week ended September 13, an increase of USD 223 million. Despite this overall growth, the reserves saw a decrease in foreign currency assets, while gold reserves increased. Special Drawing Rights and IMF reserve positions also experienced declines.

India's forex reserves reached a new all-time high of USD 689.458 billion for the week ending September 13, marking an increase of USD 223 million, according to the Reserve Bank of India data released on Friday.

The rise follows a significant jump of USD 5.248 billion in the previous week, ending on September 6, bringing the total to USD 689.235 billion.

However, foreign currency assets, a major component of the reserves, saw a decrease of USD 515 million to settle at USD 603.629 billion. These assets are affected by the valuation of non-US currencies such as the euro, pound, and yen.

Gold reserves experienced an upsurge, rising by USD 899 million to USD 62.887 billion. Conversely, Special Drawing Rights (SDRs) decreased by USD 53 million to USD 18.419 billion, and India's position with the IMF declined by USD 108 million to USD 4.523 billion.

(With inputs from agencies.)