|
India's foreign exchange reserves jumped by USD 14.14 billion to USD 707 billion during the week ended August 7, according to data released by the Reserve Bank of India (RBI) on Friday.
The sharp weekly increase was driven largely by a rise in foreign currency assets and gold reserves, data from the RBI's Bulletin, Weekly Statistical Supplement, highlighted. Foreign currency assets (FCA), the largest component of the country's forex reserves, increased by USD 9.95 billion during the week to USD 574.63 billion. Gold reserves also recorded a substantial increase, rising by USD 4.00 billion during the week to USD 108.74 billion. The country's Special Drawing Rights (SDRs) rose by USD 0.08 billion to USD 18.75 billion, while India's reserve position in the International Monetary Fund increased by USD 0.12 billion to USD 4.89 billion during the week. The latest data also showed that India's overall foreign exchange reserves were USD 15.89 billion higher compared with the end of March 2026. Foreign currency assets have increased by USD 22.34 billion since the end of March to USD 574.63 billion. However, the value of the RBI's gold reserves was USD 6.66 billion lower compared with the March-end level, despite the sharp increase during the latest week. On a year-on-year basis, India's total foreign exchange reserves were USD 13.38 billion higher. The composition of this annual increase, however, showed a contrasting trend. Foreign currency assets were USD 9.35 billion lower compared with a year earlier, while the value of gold reserves was USD 22.58 billion higher. The increase in gold reserves therefore more than offset the year-on-year decline in foreign currency assets and helped lift the country's overall forex reserves above their year-ago level. (ANI)
|
