Forex Reserves Scale New Peak After Dollar Surge Arabian Post

(MENAFN- The Arabian Post) clearfix"> India's foreign-exchange reserves climbed to an all-time high of $729.33 billion as strong dollar inflows boosted the country's external buffer and gave the Reserve Bank of India greater room to manage currency volatility.

The reserves increased by $12.42 billion in the week ended August 21, extending their rise for an eighth consecutive week. The latest accumulation pushed the stockpile above the previous record of about $728.5 billion reached in February and marked an increase of roughly $63 billion over eight weeks.

Foreign currency assets, which form the largest part of the reserves, rose by $9.48 billion during the week to $591.33 billion. Gold reserves climbed by $2.80 billion to $114.22 billion, reflecting valuation gains as well as changes in reserve holdings.

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