Image Source : PTI/FILE PHOTO A man counting Indian currency notes.
India’s foreign exchange reserves jumped by USD 9.699 billion, reaching an all-time high of USD 666.854 billion for the week ended July 12, according to data released by the Reserve Bank of India (RBI) on Friday. In the previous reporting week, reserves had risen by USD 5.158 billion, climbing to USD 657.155 billion, surpassing the earlier high of USD 655.817 billion recorded for the week ended June 7.
Breakdown of reserves
For the week ending July 12, foreign currency assets, the largest component of the reserves, surged by USD 8.361 billion to USD 585.47 billion. These assets, expressed in dollar terms, reflect the impact of the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves.
Gold reserves also saw an increase of USD 1.231 billion, totaling USD 58.663 billion. Additionally, Special Drawing Rights (SDRs) rose by USD 76 million to USD 18.111 billion. India’s reserve position with the International Monetary Fund (IMF) increased by USD 32 million to USD 4.609 billion during the reporting week.
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