India’s forex reserves jumped by $2.299 billion to a new high of $683.987 billion for the week ended on August 30, according to the latest data from the Reserve Bank of India (RBI). In the previous reporting week, the forex reserves had jumped $7.023 billion to a high of $681.688 billion.
Gold reserves increased by $862 million to $61.859 billion during the week ended August 30.
During the week, foreign currency assets, a major component of the reserves, increased by $1.485 billion to $599.037 billion, the data 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.
The special drawing rights (SDRs) were up by $9 million to $18.468 billion.
India’s reserve position with the IMF was down by $58 million to $4.622 billion in the reporting week, the apex bank data showed.
Sanjeev Agrawal, president of PHD Chamber of Commerce and Industry said this milestone will further strengthen the country’s external sector resilience.
“With the support of prudent policy initiatives and a vigilant monetary policy stance, the forex reserves have reached the new all-time high record of over $683 billion (as of August 30, 2024), amidst growing geopolitical uncertainties,” said Agrawal.
Going ahead, coupled with RBI’s the robust policies and continued handholding by the government, India’s strong forex will boost economic growth trajectory by strengthening its position internationally, drawing in foreign investments, and promoting domestic trade and industry, he added.
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