India’s forex reserves surged by USD 5.158 billion to USD 657.155 billion during the week ending July 5, according to the Reserve Bank of India (RBI) on Friday. This increase follows two consecutive weeks of decline, where the reserves dropped by USD 1.713 billion to USD 651.997 billion for the week ending June 28.
Previously, the reserves had reached an all-time high of USD 655.817 billion on June 7 this year.
For the week ending July 5, foreign currency assets, which form a major part of the reserves, rose by USD 4.228 billion to USD 577.11 billion, according to the data released on Friday. Expressed in dollar terms, these assets reflect the impact of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the reserves.
Gold reserves increased by USD 904 million to USD 57.432 billion during the week, the RBI reported. Additionally, Special Drawing Rights rose by USD 21 million to USD 18.036 billion. India’s reserve position with the IMF also saw an increase of USD 4 million, reaching USD 4.578 billion in the reporting week, as per the apex bank’s data.
