Business
Foreign Currency Assets, Gold Drive India’s Reserve Growth
India’s foreign exchange reserves increased by $14.1 billion to $707 billion in the week ended August 7, with foreign currency assets and gold reserves accounting for most of the weekly rise.
India’s foreign exchange reserves increased by $14.1 billion to $707 billion during the week ended August 7, according to data released by the Reserve Bank of India.
Foreign currency assets, which form the largest component of the country’s reserves, recorded a significant increase of $9.9 billion, taking the total to $574.6 billion during the week.
Gold reserves also registered a strong rise, increasing by $3.9 billion to $108.7 billion. The increase in gold holdings contributed substantially to the overall growth in India’s reserve position.
India’s reserve position with the International Monetary Fund (IMF) increased by $116 million, reaching around $4.9 billion.
Meanwhile, the country’s Special Drawing Rights (SDRs) with the IMF rose by $79 million to $18.74 billion.
The latest figures indicate a broad-based increase across the major components of India’s foreign exchange reserves, with foreign currency assets and gold accounting for the bulk of the weekly increase.
