India's Forex Reserves Soar to Record High of USD 670.857 Billion

India's forex reserves surged by USD 4 billion, reaching a record high of USD 670.857 billion for the seven days ending July 19. Major components like foreign currency and gold reserves saw significant increases, while the reserve position with the IMF remained unchanged.

India's forex reserves soared to a new record high of USD 670.857 billion for the week ending July 19, marking an increase of USD 4 billion from the previous week, the Reserve Bank of India announced on Friday.

Just a week earlier, the reserves had already hit an all-time high of USD 666.854 billion, driven by a jump of USD 9.699 billion. For the latest reporting week, foreign currency assets, a significant part of the reserves, rose by USD 2.578 billion to hit USD 588.048 billion, according to RBI data released Friday.

Gold reserves also contributed to the growth, increasing by USD 1.329 billion to reach USD 59.992 billion. The Special Drawing Rights (SDRs) went up by USD 95 million to USD 18.207 billion, while India's reserve position with the IMF remained static at USD 4.610 billion during the reporting period.

(With inputs from agencies.)