 "India's foreign exchange reserves rise past $700 bn as gold reserves rise")
India’s foreign exchange reserves rose past the $700-billion mark after three weeks to $702 billion in the week ended October 17, on the back of a rise in gold reserves, the latest data by the Reserve Bank of India (RBI) showed.
The total reserves rose by $4.4 billion during the reported week. Gold reserves increased by $6.1 billion during the same period.
Gold prices rose to $4,251 per ounce during the week, against $4,017 per ounce in the previous week.
On the other hand, foreign currency assets decreased by $1.6 billion to $570 billion during the reported week due to increased intervention by the RBI via dollar sales.
The reserves had hit a record high of $705 billion in September 2024.
The special drawing rights (SDRs) were up $38 million to $18.7 billion. India’s reserve position with the International Monetary Fund (IMF) was down by $30 million to $4.6 billion in the reporting week.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%