India's Forex Surge: A Billion-Dollar Boost
India's forex reserves increased by USD 1.488 billion, reaching a total of USD 695.106 billion in the week ending August 15. The rise was mainly due to a boost in foreign currency assets, while gold reserves saw a decline. Other components like SDRs and IMF reserve positions also showed increases.
- Country:
- India
India's foreign exchange reserves witnessed a notable increase of USD 1.488 billion, climbing to USD 695.106 billion for the week ending August 15, as per the latest data released by the Reserve Bank of India.
Foreign currency assets, which form a crucial part of these reserves, surged by USD 1.924 billion to total USD 585.903 billion. This rise countered a decline in the gold reserves, which slipped by USD 493 million down to USD 85.667 billion. Additionally, Special Drawing Rights experienced a modest increase of USD 41 million.
In terms of India's reserve position with the International Monetary Fund, there was a slight uptick of USD 15 million, taking the total to USD 4.754 billion. This monthly data reflects the dynamic nature of India's economic strength and currency management strategies.
(With inputs from agencies.)
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