Forex reserves edge up near record high

Indias foreign exchange reserves gained by $5.17 billion to reach $696.66 billion for the week ended June 6, approaching near record high according to data released by the Reserve Bank of India (RBI) on Friday. The latest data marks a rebound after a $1.24 billion decline in the previous week. The increase was primarily driven by a $3.47 billion increase in foreign currency assets, which stood at $587.69 billion. Gold reserves rose by $1.58 billion to $85.88 billion as well. Special Drawing Rights (SDRs) rose by $102 million to $18.67 billion, while Indias reserve position with the International Monetary Fund (IMF) edged up by $14 million to $4.4 billion. Forex reserves had hit a record high of $704.88 billion in September 2024.

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