Foreign Currency

India’s forex reserves surge to record high of $648.562 billion

India’s forex reserves hit a new high of $648.562 billion for the week ending April 5, marking a $2.98 billion increase, as per the Reserve Bank of India. The previous week saw a $2.951-billion rise, reaching $645.583 billion, also a record high.

Back in September 2021

, the forex reserves peaked at $642.453 billion. Despite using reserves to stabilise the rupee amidst global pressures, there’s been consistent growth in recent months.

For the week ending April 5, foreign currency assets rose by $549 million to $571.166 billion. These assets also reflect changes in the value of non-US currencies like the euro, pound, and yen. Gold reserves saw a $2.398-billion increase, reaching $54.558 billion during the week. Special drawing rights (SDRs) rose by $24 million to $18.17 billion.

SDRs, a form of international reserve assets created by the International Monetary Fund (IMF), saw an increase of $24 million to $18.17 billion. Additionally, India’s reserve position with the IMF increased by $9 million to $4.669 billion during the reporting week, as per the RBI data.

Also Read: Fed can’t cut interest rates before September, says ING

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