India's forex reserves rise $4.7 bn to $703 bn, close to record high

Foreign exchange reserves climbed for the second straight week, led by gains in foreign currency assets and gold holdings, bringing the total near the $705 billion record

India’s foreign exchange reserves rose by $4.7 billion to $703 billion for the week ended 12 September, data released by the Reserve Bank of India showed.

 

Reserves had previously touched an all-time high of $705 billion for the week ended 27 September 2024. This is the first time they have crossed $700 billion since July this year.

 

This marks the second consecutive week of growth in reserves. In the previous reporting week, they had climbed by $4.03 billion to $698.2 billion. 

 

The increase came on the back of higher foreign currency assets, which rose by $2.5 billion during the reporting week, and gold reserves, which gained by $2.1 billion.

 

Special Drawing Rights (SDRs) rose by $33 million to $18.8 billion. India’s reserve position with the International Monetary Fund (IMF) also increased by $9 million to $4.7 billion in the reporting week.