India's Foreign Exchange Reserves Touch All-Time High To USD 704.9 Bn
Date
10/5/2024 2:20:02 PM
(MENAFN- KNN India)
New Delhi, Oct 5
(KNN)
India's foreign exchange reserves have reached an unprecedented milestone, surging to a record high of USD 704.885 billion for the week ending September 27, according to data released by the Reserve bank of India on Friday.
This marks a significant increase of USD 12.588 billion from the previous week, representing one of the largest weekly gains on record and the first time the nation's Forex reserves have surpassed the USD 700 billion threshold.
The substantial growth follows a more modest rise of USD 2.838 billion in the preceding week, when reserves stood at USD 692.296 billion. The latest figures underscore a robust upward trajectory in India's foreign exchange holdings.
Breaking down the components of this increase, foreign currency assets, which constitute the majority of the reserves, saw a substantial rise of USD 10.468 billion, reaching USD 616.154 billion.
It is worth noting that these assets, when expressed in US dollars, reflect the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held within the reserves.
Gold reserves also contributed significantly to the overall increase, rising by USD 2.184 billion to reach USD 65.796 billion. Meanwhile, Special Drawing Rights (SDRs) saw a modest uptick of USD 8 million, totaling USD 18.547 billion for the week.
In contrast, India's reserve position with the International Monetary Fund (IMF) experienced a slight decline of USD 71 million, settling at USD 4.387 billion for the reporting period.
This remarkable growth in forex reserves comes at a time of global economic fluctuations and underscores India's strengthening financial position on the international stage.
The implications of this development for India's economic stability and its ability to manage external financial pressures will likely be a subject of keen interest for economists and policymakers alike.
(KNN Bureau)
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