India’s foreign exchange reserves surged to a historic high of USD 666.85 billion for the week ending July 12, marking an impressive increase of USD 9.70 billion, according to the Reserve Bank of India (RBI) data released on Friday.
This latest jump surpasses the previous record of USD 655.82 billion set for the week ending June 7, following an earlier rise of USD 5.16 billion to USD 657.15 billion reported for the week ending July 5.
The increase in reserves underscores the robust accumulation of India’s financial assets despite global economic uncertainties.
The surge in forex reserves is primarily attributed to a substantial rise in foreign currency assets, which increased by USD 8.36 billion to USD 585.47 billion.
Foreign currency assets, which include holdings in non-US currencies such as the euro, pound, and yen, reflect both appreciation and depreciation impacts on these assets.
Additionally, gold reserves grew by USD 1.23 billion to USD 58.66 billion during the week.
The Special Drawing Rights (SDRs), another component of the reserves, saw an uptick of USD 76 million, bringing the total to USD 18.11 billion.
India’s reserve position with the International Monetary Fund (IMF) also increased by USD 32 million, reaching USD 4.61 billion.
The steady rise in India’s forex reserves has been a notable trend throughout 2024, with a cumulative increase of approximately USD 35 billion since the beginning of the year.
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