Foreign Currency

India’s foreign exchange reserves hit fresh peak of $648.56 billion | Economy & Policy News

India’s foreign exchange reserves rose for the seventh consecutive week to reach a fresh peak of $648.56 billion in the week ended 5 April, latest data by the Reserve Bank of India showed. The reserves increased by $2.98 billion during the week.

The reserves rose on the back of an increase in gold reserves, which rose by $2.39 billion in the week. Foreign currency assets, a substantial part of the reserves, increased by $549 million in the previous week.

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In the current calendar year, the reserves have expanded by 23 billion so far. As of 29 December 2023, India’s foreign exchange reserves amounted to $623 billion.

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

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