India's foreign exchange reserves hit new high of $675 billion: RBI data

India's foreign exchange reserves rose by $7.53 billion to a new record high of $674.91 billion for the week ended August 2, according to the latest data from the Reserve Bank of India. The total reserves increased on the back of a rise in foreign currency assets, which rose by $5.16 billion to $592.03 billion during the week.

Expressed in dollar terms, foreign currency assets reflect the impact of the appreciation or depreciation of non-US currencies, such as the euro, pound, and yen, held within the foreign exchange reserves.

The reserves had hit the previous high of $670.85 billion in the week ended July 18 of the current year.

The reserves had decreased by $3.47 billion to $667.38 billion in the previous reporting week ended July 26. At the end of the calendar year 2023, the reserves stood at $623 billion.

The foreign exchange reserves have increased by $51.72 billion in the current calendar year. In the current financial year, the reserves have increased by $29.34 billion.

Further, gold reserves increased by $2.40 billion to $60.09 billion during the reported week, whereas Special Drawing Rights (SDRs) were down by $41 million to $18.16 billion in the same period.

India's reserve position with the IMF rose by $8 million to $4.62 billion in the previous week.