India's Forex Reserves reach high of $648.562 billion: RBI Report

India's forex reserves marked a significant ascent, reaching a historic pinnacle of USD 648.562 billion, propelled by a USD 2.98 billion surge, as per the RBI's latest report.

In the prior week, the forex reserves witnessed a robust uptick of USD 2.951 billion, reaching USD 645.583 billion, previously an unparalleled high.

Since September 2021, when the reserves peaked at USD 642.453 billion, the trajectory has been consistently upward, surpassing this level in March of this year, despite occasional pressures necessitating the employment of reserves to stabilize the rupee amidst global challenges.

The latest data reveals a continued strengthening, with foreign currency assets, a cornerstone of the reserves, climbing by USD 549 million to USD 571.166 billion for the week ending April 5. These assets, denominated in various currencies including the euro, pound, and yen, are subject to fluctuations due to currency valuations.

Gold reserves also witnessed a substantial increase, rising by USD 2.398 billion to USD 54.558 billion during the same period, as reported by the RBI.

Moreover, Special Drawing Rights (SDRs) experienced a modest uptick, advancing by USD 24 million to USD 18.17 billion.

Additionally, India's reserve position with the IMF recorded a slight increment, rising by USD 9 million to USD 4.669 billion for the reporting week, according to data from the apex bank.