India's foreign exchange reserves rose by $7.53 billion to a new record of $674.91 billion in the week ended August 2, according to the latest data from the Reserve Bank of India. Total reserves rose on the back of a rise in foreign currency assets, which rose by $5.16 billion to $592.03 billion during the week.
Expressed in dollars, foreign currency assets reflect the impact of appreciation or depreciation of non-U.S. currencies such as the euro, pound and yen held in foreign exchange reserves.
Reserves reached a record high of $670.85 billion in the week ending July 18 of this year.
In the previous reporting week ending July 26, reserves had fallen by $3.47 billion to $667.38 billion. At the end of the 2023 calendar year, reserves amounted to $623 billion.
Foreign exchange reserves have increased by $51.72 billion in the current calendar year. In the current fiscal year, reserves have increased by $29.34 billion.
In addition, gold reserves increased by $2.40 billion to $60.09 billion during the reporting week, while special drawing rights (SDRs) decreased by $41 million to $18.16 billion during the same period.
India's reserve position with the IMF increased by $8 million to $4.62 billion last week.
First published: 09 August 2024 | 19:24 IS
