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India's Forex Reserves Hit Record High of $729 Billion
28 Aug
Summary
- Forex reserves surged by $12.422 billion to an all-time high of $729.328 billion.
- Foreign currency assets, a major component, increased by $9.482 billion.
- Gold reserves saw a significant rise, adding $2.801 billion to the total.
India's foreign exchange reserves soared to an unprecedented $729.328 billion by the week ended August 21, representing a significant increase of $12.422 billion. This achievement surpasses the previous record set earlier in the year before geopolitical tensions impacted the market.
The primary driver of this surge was the substantial growth in foreign currency assets, which climbed by $9.482 billion. These assets, denominated in dollars, reflect the value of non-US currencies held within the reserves, adjusted for exchange rate fluctuations.
Additionally, the value of gold reserves contributed to the overall increase, rising by $2.801 billion to reach $114.218 billion. The apex bank also reported an increase in special drawing rights and India's reserve position with the IMF.
