India's forex reserves jumped USD 5.248 billion to a new all-time high of USD 689.235 billion for the week ended September 6, the Reserve Bank of India said on Friday. The overall kitty had jumped by USD 2.299 billion to a record USD 683.987 billion for the previous reporting week.
For the week ended September 6, foreign currency assets, a major component of the reserves, increased by USD 5.107 billion to USD 604.144 billion, the data showed. These assets encompass the value of various non-US currencies, such as the euro, pound, and yen, whose fluctuations impact the overall reserve value.
Gold reserves also saw a boost, rising by USD 129 million to USD 61.988 billion. Additionally, Special Drawing Rights (SDRs), an international reserve asset, increased by USD 4 million to USD 18.472 billion. India's reserve position with the International Monetary Fund (IMF) improved by USD 9 million, bringing it to USD 4.631 billion.
The RBI’s data underscores the strengthening of India’s financial position on the global stage, enhancing its ability to manage external economic challenges and stabilize the domestic economy. The continued growth in forex reserves reflects robust economic stability and confidence in India’s financial management.
(PTI inputs)
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