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India’s forex reserves grow to $683.99B, RBI data shows

India's foreign exchange reserves increased by $2.3 billion to a new record of $683.99 billion for the week ending August 30, according to the Reserve Bank of India (RBI). This follows a previous rise of $7.02 billion to $681.69 billion the week before.

News Arena Network - Mumbai - UPDATED: September 6, 2024, 05:51 PM - 2 min read

India’s forex reserves grow to $683.99B, RBI data shows

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) grew by $1.49 billion to $599 billion.

India's forex reserves jumped by USD 2.299 billion to a new high of USD 683.987 billion for the week ended on August 30, according to the RBI data release on Friday.

In the previous reporting week, the forex reserves had jumped by USD 7.023 billion to a high of USD 681.688 billion.

For the week ended August 30, foreign currency assets, a major component of the reserves, increased by USD 1.485 billion to USD 599.037 billion, the data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased by USD 862 million to USD 61.859 billion during the week. The Special Drawing Rights (SDRs) were up by USD 9 million to USD 18.468 billion.

India's reserve position with the IMF was down by USD 58 million to USD 4.622 billion in the reporting week, the apex bank data showed.

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