India’s foreign exchange reserves increased by $6.1 billion to $682.35 billion in the week ended July 24, according to data released by the Reserve Bank of India (RBI) on Friday.The country’s forex reserves had risen by $1.08 billion to $676.23 billion in the previous reporting week.Also read: India ready for a premium wealth show while US missiles rattle the worldEarlier this year, in February, the country's forex reserves had touched a record high of $728.494 billion. However, reserves declined in the following weeks amid the Middle East conflict, which put pressure on the rupee and led the RBI to intervene in the foreign exchange market through dollar sales.Notably, Prime Minister Narendra Modi has made multiple appeals since May 11, urging citizens to conserve foreign exchange by reducing overseas travel, limiting fuel consumption and avoiding gold purchases for a year.Foreign currency assets (FCAs), the largest component of India’s forex reserves, increased by $4.8 billion to $555.92 billion during the week ended July 24, RBI data showed.FCAs are expressed in dollar terms and reflect the impact of movements in the value of non-US currencies, including the euro, pound and yen, held as part of India’s foreign exchange reserves.Also read: Who gets faster Internet? India's net world may soon have first class and economyFurther, gold reserves were up by $1.3 billion to $103.05 billion during the same week, the central bank data showed.However, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) decreased by $53 million to $18.61 billion.India’s reserve position with the IMF fell by $11 million to $4.75 billion at the end of the reporting week, the RBI data showed.
India's forex reserves rise by $6.1 billion to $682.35 billion as of July 24
India's foreign exchange reserves saw a significant rise of $6.1 billion. This increase brought the total reserves to $682.35 billion as of July 24. Previously, reserves had grown by $1.08 billion in the preceding week. Earlier this year, reserves reached a record high of $728.494 billion. However, reserves declined due to Middle East conflict and RBI interventions.






