India's Forex Reserves Soar to Record High of USD 674.919 Billion

India's forex reserves surged by USD 7.533 billion, reaching a record high of USD 674.919 billion for the week ending August 2, as reported by the Reserve Bank of India. This increase follows a drop of USD 3.471 billion in the previous week, with foreign currency assets and gold reserves showing significant gains.

India's forex reserves have surged by USD 7.533 billion, setting a new record at USD 674.919 billion for the week ending August 2, the Reserve Bank of India announced on Friday.

This substantial increase follows a dip of USD 3.471 billion to USD 667.386 billion in the preceding week, which ended on July 26. The reserves had previously peaked at USD 670.857 billion on July 18.

Foreign currency assets, a critical part of the reserves, grew by USD 5.162 billion, reaching USD 592.039 billion, while gold reserves rose by USD 2.404 billion to USD 60.099 billion, according to the data released.

Expressed in dollar terms, the foreign currency assets factor in the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held within the forex reserves.

However, Special Drawing Rights (SDRs) declined by USD 41 million to USD 18.161 billion. Meanwhile, India's reserve position with the IMF saw a slight increase of USD 8 million, standing at USD 4.62 billion for the reporting week, the RBI data revealed.