India's Forex Reserves Surge by USD 5.158 Billion

India's foreign exchange reserves saw a significant increase of USD 5.158 billion, reaching USD 657.155 billion by July 5, as per the Reserve Bank of India. This uptick follows declines in the previous two weeks. Various components like foreign currency assets and gold reserves contributed to the rise.

India's foreign exchange reserves experienced a notable jump of USD 5.158 billion, bringing the total to USD 657.155 billion during the week ending July 5, according to the Reserve Bank of India (RBI) on Friday.

Previously, the forex reserves had seen a decline for two consecutive weeks, dropping USD 1.713 billion to USD 651.997 billion by June 28. The reserves had earlier reached an all-time high of USD 655.817 billion on June 7 this year.

During the week ending July 5, foreign currency assets, the primary component of the reserves, increased by USD 4.228 billion to USD 577.11 billion. These assets also reflect the appreciation or depreciation of non-US currencies like the euro, pound, and yen in dollar terms.

Gold reserves also saw an uptick, rising by USD 904 million to USD 57.432 billion, the RBI reported. Special Drawing Rights were up by USD 21 million to USD 18.036 billion, and India's reserve position with the IMF increased by USD 4 million to USD 4.578 billion, according to the apex bank's data.