India's Forex Reserves Hit All-Time High of $655.8 Billion

(June 16, 2024 - Mohammad Haris)

Gold Holdings Rise to $57 Billion: RBI Data

India’s forex reserves jumped $4.307 billion to a new all-time high of $655.817 billion for the week ended June 7, according to the latest RBI data. The reserves had increased by $4.837 billion to $651.51 billion in the previous reporting week.

The previous high for the reserves, a crucial safeguard against disturbances in the external sector, was $648.87 billion on May 10. In recent weeks, the reserves have witnessed significant growth.

Gold Reserves and Special Drawing Rights (SDRs)

Gold reserves increased by $481 million to $56.982 billion during the week ended June 7. The special drawing rights (SDRs) rose by $43 million to $18.161 billion, the RBI reported.

Foreign Currency Assets and IMF Reserve Position

For the week ended June 7, foreign currency assets, a major component of the reserves, increased by $3.773 billion to $576.337 billion, according to the RBI data. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.