India's Forex Fortunes: Reserves Surge to New Heights

India's forex reserves increased by USD 1.567 billion to USD 677.835 billion for the week ending April 11. This marks the sixth consecutive week of growth, driven by gains in foreign currency assets and gold reserves. Reserve positions with the IMF also improved, according to the Reserve Bank.

India's foreign exchange reserves climbed by USD 1.567 billion, reaching a total of USD 677.835 billion for the week ending April 11, as reported by the Reserve Bank on Friday. This marks the sixth straight week of growth, bolstered by significant increases in various asset categories.

Foreign currency assets, which are a crucial component of these reserves, saw an increase of USD 892 million, totaling USD 574.98 billion. The impact of currency value changes against the US dollar plays into these figures, reflecting the dynamics of international trade and finance.

Additionally, gold reserves experienced a notable surge, climbing by USD 638 million to USD 79.997 billion. India's reserve position with the International Monetary Fund also noted an upswing of USD 43 million, emphasizing the overall strengthening of the financial backbone.

(With inputs from agencies.)