India's Forex Reserves Surge Amid Gold Stockpile Rise

India's forex reserves surged by USD 816 million to reach USD 653.711 billion for the week ending June 21. Despite a previous drop, the increase was bolstered by a significant rise in gold reserves. The reserves' all-time high of USD 655.817 billion was achieved on June 7.

India's foreign exchange reserves saw a surge, increasing by USD 816 million to reach USD 653.711 billion for the week concluding on June 21, the Reserve Bank of India reported on Friday.

The previous week had recorded a dip of USD 2.922 billion, taking the reserves down to USD 652.895 billion. The reserves' historical peak remains at USD 655.817 billion, achieved on June 7.

Foreign currency assets, a key part of the reserves, fell by USD 106 million to USD 574.134 billion. This component reflects the value changes of non-US currencies like the euro, pound, and yen.

In contrast, gold reserves saw a significant surge, increasing by USD 988 million to USD 56.956 billion. Meanwhile, Special Drawing Rights (SDRs) dropped by USD 57 million to USD 18.049 billion, and India's IMF reserve position fell by USD 9 million to USD 4.572 billion.

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