India’s Foreign Exchange Reserves Hit an All-Time High of $657.16 Billion

India’s foreign exchange reserves surged by $5.158 billion to hit a record high of $657.155 billion during the week ending July 5, as reported by the Reserve Bank of India (RBI).

According to the latest data, the increase was primarily driven by a rise in foreign currency assets, which grew by $4.228 billion to reach $577.11 billion.

Simultaneously, India’s gold reserves experienced a substantial increase, climbing by $904 million to $57.432 billion. The country’s holdings of special drawing rights (SDRs) also saw a modest uptick, rising by $21 million to $18.036 billion.

Furthermore, India’s reserve position with the International Monetary Fund (IMF) edged up by $4 million to $4.578 billion during the same period.

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