India's forex reserves jump $44.90 billion to record $785.71 billion as of September 4
India's foreign exchange reserves reached a record $785.71 billion. This surge followed a significant increase in the previous week. Foreign currency assets saw a substantial rise, contributing most to the growth. Gold reserves, however, experienced a slight decline during this period. Overall reserves show a considerable increase from both earlier this year and last year.
India's foreign exchange reserves reached a record high of $785.71 billion as of September 4, according to the Reserve Bank of India's data. This surge of $44.90 billion was the greatest increase in the week, following a $11.47 billion rise the previous week.
The largest component of reserves, foreign currency assets (FCA), experienced a significant increase of $47.498 billion during the week, bringing the total to $648.17 billion. This upward trend was $95.886 billion higher than at the end of March and $63.692 billion more than a year earlier.
Gold reserves, however, saw a decline of $2.594 billion during the week, reducing the total to $113.816 billion. Despite this decrease, gold holdings remained $23.517 billion higher than at the end of March and $1.580 billion more than a year earlier.
India's holdings with the International Monetary Fund (IMF) also grew, by $2 million during the week, reaching $4.916 billion. This was a $108 million increase from end-March and $168 million from a year earlier.
Overall, India's forex reserves grew by $94.599 billion from end-March and $87.438 billion from a year earlier, marking an all-time high.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
