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India's forex reserves rise by USD 4.546 billion

India's forex reserves jumped by USD 4.546 billion to USD 674.664 billion during the week ended August 16, the RBI said on Friday.

News Arena Network - Mumbai - UPDATED: August 23, 2024, 06:15 PM - 2 min read

India's forex reserves rise by USD 4.546 billion

In the past week, the forex reserves fell by USD 4.8 billion to USD 670.119 billion, down from an all-time high of USD 674.919 billion reached on August 2.

India's foreign exchange reserves increased by USD 4.546 billion to USD 674.664 billion for the week ending August 16, according to the Reserve Bank of India (RBI). This follows a decline of USD 4.8 billion the previous week, which had reduced reserves to USD 670.119 billion.

On August 2, the reserves had reached a record high of USD 674.919 billion. For the week ending August 16, foreign currency assets—a major component of the reserves—rose by USD 3.609 billion to USD 591.569 billion.

The value of foreign currency assets includes adjustments for fluctuations in non-US currencies such as the euro, pound, and yen. Additionally, gold reserves increased by USD 865 million to USD 60.104 billion.

Special Drawing Rights (SDRs) grew by USD 60 million to USD 18.341 billion, while India's reserve position with the International Monetary Fund (IMF) rose by USD 12 million to USD 4.65 billion.

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