Forex reserves jump by USD 75.33 billion to record USD 674.91 billion
Indias forex reserves hit a record high of USD 674.919 billion for the week ending August 2, 2024, marking a significant increase of USD 7.533 billion. The rise follows a previous dip, with foreign currency assets and gold reserves contributing to this new peak. The Reserve Bank of India reported a USD 5.162 billion increase in foreign currency assets and a USD 2.404 billion rise in gold reserves. Meanwhile, Special Drawing Rights (SDRs) decreased slightly, and Indias reserve position with the IMF improved.
India's forex reserves jumped by USD 7.533 billion to a new record high of USD 674.919 billion for the week ended August 2, the Reserve Bank said on Friday. The overall kitty had dropped by USD 3.471 billion to USD 667.386 billion in the previous reporting week ended July 26. The previous high for the reserves had stood at USD 670.857 billion, reached on July 18.
For the week ended August 2, foreign currency assets, a major component of the reserves, increased by USD 5.162 billion to USD 592.039 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.
Gold reserves increased by USD 2.404 billion to USD 60.099 billion during the week, the RBI said.The Special Drawing Rights (SDRs) were down by USD 41 million to USD 18.161 billion, the apex bank said.India's reserve position with the IMF was up by USD 8 million to USD 4.62 billion in the reporting week, the apex bank data showed.
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