Home / Business and Economy / Forex Reserves Surge Near $700 Billion
Forex Reserves Surge Near $700 Billion
10 Apr
Summary
- Forex reserves rose by over $9 billion in one week.
- Total reserves reached nearly $700 billion.
- Gold and SDR reserves also saw an increase.
India's foreign exchange reserves demonstrated a robust recovery, climbing by $9.06 billion in the week concluding April 3. This substantial increase brought the total reserves to $697.12 billion, a welcome development after two consecutive weeks of decline.
Within this growth, foreign currency assets rose by $1.784 billion, reaching $552.86 billion. Gold reserves also saw a notable increase of $1.78 billion, accumulating to $552.86 billion. Additionally, Special Drawing Rights (SDRs) edged up by $58 million to $18.707 billion, though India's reserve position with the IMF remained steady at $4.816 billion.
This upturn follows a period of pressure, with reserves having previously fallen sharply by $10.288 billion in the week ending March 27. The central bank's active management, including interventions in currency markets, is credited with helping to stabilize the situation and bolster reserves.
