Forex Reserves Cross $703 Billion Mark

India’s foreign exchange reserves rose by 2.3 billion US dollars to cross 703 billion dollars for the week ending April 17, according to data released by the Reserve Bank of India.

The RBI said foreign currency assets, which form the largest component of the reserves, increased by 1.48 billion dollars to more than 557 billion dollars during the week.

Gold reserves also registered a rise of 790 million dollars, reaching over 122 billion dollars.

Special Drawing Rights (SDRs) increased by 78 million dollars to 18.84 billion dollars.

Meanwhile, India’s reserve position with the International Monetary Fund edged up by 14 million dollars to 4.87 billion dollars.

The increase in reserves strengthens India’s external financial position and provides a cushion against global market volatility and currency fluctuations.