India's Forex Reserves Reach All-Time High

India's foreign exchange reserves surged by USD 2.838 billion to a record USD 692.296 billion for the week ending September 20, according to the RBI. This marks a significant increase from the previous week's total of USD 689.458 billion, driven by gains in foreign currency assets, gold reserves, and Special Drawing Rights (SDRs).

India's foreign exchange reserves surged to a new all-time high of USD 692.296 billion for the week ending September 20, according to the Reserve Bank of India (RBI) on Friday.

The reserves increased by USD 2.838 billion from the previous week's total of USD 689.458 billion, which had risen by USD 223 million.

Key drivers behind the latest increase include a USD 2.057 billion gain in foreign currency assets, which now stand at USD 605.686 billion, and a USD 726 million rise in gold reserves, totaling USD 63.613 billion.

The appreciation of non-US currencies like the euro, pound, and yen also contributed to the growth in foreign currency assets. During the same period, Special Drawing Rights (SDRs) saw an uptick of USD 121 million, reaching USD 18.54 billion.

However, India's reserve position with the International Monetary Fund (IMF) declined by USD 66 million, settling at USD 4.458 billion.