India’s foreign exchange reserves reached a new peak of $648.56 billion

India’s foreign exchange reserves rose for the seventh week in a row, reaching a new peak of $648.56 billion in the week ended April 5, the latest data from the Reserve Bank of India showed. Reserves increased by $2.98 billion during the week.

Reserves rose thanks to an increase in gold reserves, which rose by $2.39 billion in the week. Foreign currency assets, a substantial portion of reserves, rose by $549 million last week.

So far in the current calendar year, reserves have increased by 23 billion. As of December 29, 2023, India’s foreign exchange reserves stood at $623 billion.

In the week under review, the reserve position in the International Monetary Fund (IMF) increased by $9 million to $4.67 billion, while Special Drawing Rights (SDRs) increased by $24 million to $18.17 billion.

First print: April 12, 2024 | 7:19 PM IST