India's Forex Fortunes: Reserve Surge to a New High

India's forex reserves increased by USD 8.31 billion, reaching USD 686.145 billion for the week ending April 18. This is the seventh consecutive week of growth. Foreign currency assets rose by USD 3.516 billion, gold reserves by USD 4.575 billion, and SDRs by USD 212 million, with IMF reserves also increasing.

In a significant boost to its economic stability, India's forex reserves saw a remarkable increase of USD 8.31 billion, reaching an impressive USD 686.145 billion for the week concluded on April 18, according to the Reserve Bank of India (RBI).

This milestone marks the seventh consecutive week of gains, following a rise of USD 1.567 billion that brought the reserves to USD 677.835 billion in the preceding week ending April 11. Notably, reserves had previously peaked at a formidable USD 704.885 billion by the end of September 2024.

The latest data reveals key components contributing to this surge: foreign currency assets climbed by USD 3.516 billion to USD 578.495 billion, while gold reserves surged by USD 4.575 billion to USD 84.572 billion. Additionally, Special Drawing Rights increased by USD 212 million to USD 18.568 billion, and India's reserve position with the IMF rose by USD 7 million to USD 4.51 billion.

(With inputs from agencies.)