India's foreign exchange reserves surged by $12.422 billion to a new all-time high of $729.328 billion during the week ended August 21, marking a sharp build-up in external reserves, official data released by the Reserve Bank of India showed on Friday.Foreign currency assets, the largest component of India's reserves, drove the latest increase, rising by $9.482 billion to $591.333 billion during the week.Gold reserves also contributed significantly, climbing by $2.801 billion to $114.218 billion.Special drawing rights (SDRs) rose by $112 million to $18.852 billion, while India's reserve position in the International Monetary Fund (IMF) increased by $26 million to $4.925 billion.The latest rise takes India's reserves $38.221 billion above their end-March level and $38.608 billion higher than a year earlier, according to RBI data.At $729.328 billion, the country's forex reserves have now surpassed the previous high of around $728 billion recorded earlier this year, strengthening India's external buffers against global financial and economic shocks.
India's forex reserves hit record high of $729.33 billion after $12.4 billion weekly jump
India's foreign exchange reserves surged by over twelve billion dollars. This sharp build-up pushed reserves to an unprecedented $729.328 billion. Foreign currency assets and gold reserves significantly drove this latest increase. The country's external buffers are now strengthened against global shocks. These reserves are now higher than both end-March and a year earlier.
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