According to the data by Reserve Bank of India (RBI), India’s forex reserves jumped by $12.588 billion to a new all-time high of $704.885 billion for the week ended September 27.
This is the first time when the reserves have crossed the $700 Billion mark. This is the 7th straight climb in the country’s forex reserve.
India is reportedly only the fourth country in the world to cross $700 billion in reserves. The other three are China, Japan, and Switzerland. According to media reports, India’s forex reserves have climbed by $87.6 billion so far in 2024. This is more than the $62 billion increase over the whole last year.
For the week ended September 27, foreign currency assets, a major component of the reserves, increased by $10.4 billion to $616.1 billion, the data showed.
Gold reserves also increased during the week and climbed $2.184 billion to hit $65.796 billion. While, the Special Drawing Rights (SDRs) were up by $8 million to hit $18.547 billion. India’s reserve position with the IMF was down by $71 million to $4.387 billion in the reporting week, the data by the RBI showed.
According to several media reports, the country has been boosting its forex reserves since 2013. This was the time when foreign investors pulled out due to weak macroeconomic fundamentals.
