India's forex reserves rise to record $723.77 billion

Indias foreign exchange reserves jumped by USD 14.36 billion to a fresh all-time high of USD 723.77 billion in the week ended January 30, the Reserve Bank of India (RBI) said on Friday.

According to the central banks data, foreign currency assets (FCAs) the largest component of the reserves declined by USD 493 million to USD 562.39 billion during the week.

In contrast, the value of gold reserves surged by USD 14.59 billion to USD 137.68 billion, emerging as the primary driver behind the sharp overall increase in reserves.

The RBI data also showed that Special Drawing Rights (SDRs) rose by USD 216 million to USD 18.95 billion, while Indias reserve position with the International Monetary Fund (IMF) increased by USD 44 million to USD 4.75 billion during the reporting week.

 

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