India’s forex reserves rise $223 million to a fresh high of $689.45 billion

India’s foreign reserves increased by USD 223 million to a new all-time high of USD 689.458 billion in the week ended September 13, according to Reserve Bank data issued on Friday.

The overall forex purse increased by USD 5.248 billion to a high of USD 689.235 billion during the previous reporting week, which concluded on September 6.

Foreign currency assets, a major component of reserves, fell by USD 515 million to USD 603.629 billion in the week ending September 13, according to data.

Foreign currency assets, expressed in dollar terms, include the effect of non-US currency appreciation or depreciation in foreign exchange reserves, such as the euro, pound, and yen.

The RBI reported that gold reserves climbed by USD 899 million to USD 62.887 billion this week.

The SDRs (Special Drawing Rights) fell by USD 53 million to USD 18.419 billion, according to the central bank.

India’s reserve position with the IMF fell by USD 108 million to USD 4.523 billion during the reporting week, according to apex bank data.

Source:FE