Foreign exchange reserves hit fresh high, inch closer to $700 billion

India’s foreign exchange reserves surged by $2.8 billion to hit new all-time high of $692 billion for the week ended September 20, latest data by the Reserve Bank of India (RBI) showed on Friday. The reserves reached a record high for a fifth consecutive week, edging closer to the $700-billion mark.

The previous record of $689 billion was hit in the week ended September 13. The total reserves rose on the back of an increase in foreign currency assets which rose by $2.05 billion during the week. Gold reserves rose by $726 million during the week, whereas Special Drawing Rights increased by $121 million. India’s reserve position with the IMF was down by $66 million to $4.458 billion in the reporting week, the RBI data showed.