India's forex reserves cross $700 billion mark for first time

India's foreign exchange reserves have crossed $700 billion for the first time on record, after climbing for seven straight weeks, on valuation gains and the central bank's dollar purchases.

According to the data released by the Reserve Bank of India (RBI) on Friday, India's forex reserves were at $704.89 billion, having risen by $12.6 billion in the week through Sept. 27 in their biggest weekly increase since mid-July 2023.

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) were up by $10.4 billion to $616 billion.

Gold reserves reported a surge of $2 billion to $65.7 billion. Meanwhile, SDRs for the week rose marginally by $8 million to stand at $18.547 billion. Reserve position in the IMF dipped by $71 million to $4.3 billion.

 

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