India’s forex reserves climb to record $692.296 billion with a $2.83 billion boost

India’s foreign exchange reserves surged by $2.838 billion, reaching a record high of $692.296 billion for the week ending September 20, according to data from the Reserve Bank of India (RBI).

This increase follows a $223 million rise in the previous week, bringing the total to $689.458 billion. The growth was driven primarily by a $2.057 billion increase in foreign currency assets, which now stand at $605.686 billion.

India’s forex reserves are valued in US dollars, reflecting the appreciation or depreciation of other currencies like the euro, pound, and yen held in the reserves.

Gold reserves also saw a significant jump of $726 million, totaling $63.613 billion. Meanwhile, Special Drawing Rights (SDRs) increased by $121 million to $18.54 billion, and India’s reserve position with the International Monetary Fund (IMF) dipped by $66 million, settling at $4.458 billion.