India foreign reserves hit new high of $670.86 billion, shows RBI data

India’s foreign exchange reserves rose by $4 billion to hit a new all-time high of $670.86 billion in the week ended July 19, latest data by the Reserve Bank of India (RBI) showed.

The previous record high reserve was $667 billion in the week ended July 12.

Total reserves increased on the back of a rise in foreign currency assets, which increased by $2.57 billion to $588.05 billion during the week. In the week previous to that, forex reserves had jumped by $9.69 billion to $666.85 billion for the week ending on July 12. Gold reserves rose by $1.32 billion to $59.99 billion, whereas the reserve position in the International Monetary Fund (IMF) remained unchanged at $4.60 billion. Special Drawing Rights (SDRs) were up by $95 million to $18.20 billion in the previous week.