india-s-forex-kitty-jumps-usd-5-25-bn-to-usd-689-24-bn

India's forex kitty jumps USD 5.25 bn to USD 689.24 bn

India's forex reserves surged by USD 5.248 billion to a record USD 689.235 billion for the week ending September 6, driven by increases in foreign currency assets, gold reserves, and Special Drawing Rights (SDRs), according to the Reserve Bank of India.

News Arena Network - New Delhi - UPDATED: September 13, 2024, 06:26 PM - 2 min read

India's forex kitty jumps USD 5.25 bn to USD 689.24 bn

For the week ended September 6, foreign currency assets, a major component of the reserves, increased by USD 5.107 billion to USD 604.144 billion, the data showed.

India's foreign exchange reserves surged by USD 5.248 billion to a record USD 689.235 billion for the week ending September 6, according to the Reserve Bank of India (RBI) on Friday.

The previous week’s reserves had also set a new high, increasing by USD 2.299 billion to USD 683.987 billion.

For the week ending September 6, foreign currency assets, a key component of the reserves, rose by USD 5.107 billion to USD 604.144 billion. These assets reflect the impact of currency fluctuations against the US dollar, including changes in the value of the euro, pound, and yen.

Gold reserves grew by USD 129 million to USD 61.988 billion, while Special Drawing Rights (SDRs) increased by USD 4 million to USD 18.472 billion. India's reserve position with the International Monetary Fund (IMF) also saw a rise, up by USD 9 million to USD 4.631 billion.

The RBI's latest data highlights the continued strengthening of India's forex reserves amid global financial fluctuations.