India’s forex reserves surge $44.90 billion to record $785.71 billion, RBI data shows
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India’s foreign exchange reserves rose by $44.90 billion, reaching a record $785.71 billion for the week ending September 4, as reported by the Reserve Bank of India (RBI) on Friday.
Key Takeaways
- India’s forex reserves rose $44.90 billion to a record $785.71 billion for the week ending September 4.
- This follows an $11.47 billion rise the prior week that took reserves to $740.80 billion.
- Foreign currency assets, the largest component, climbed $47.498 billion to $648.17 billion.
- FCA holdings are $95.886 billion above their March-end level.
This gain follows a $11.47 billion rise the prior week, which lifted the reserves to $740.80 billion on August 28.
Foreign currency assets (FCA), the biggest share of the forex reserves, contributed the growth, climbing $47.498 billion to $648.17 billion for the week.
FCA holdings were $95.886 billion above their March‑end level and $63.692 billion higher than a year earlier.
Gold reserves slipped by $2.594 billion to $113.816 billion. Nonetheless, they stayed $23.517 billion higher than a year ago, though they remained $1.580 billion below the March‑end level.
India’s Special Drawing Rights (SDRs) with the IMF slipped marginally by $4 million to $18.806 billion. SDR holdings were $184 million above their March‑end level and $64 million higher than a year earlier.
The country’s IMF reserve position rose by $2 million to $4.916 billion, marking an increase of $108 million from March‑end and $168 million versus a year earlier.
Overall, India’s foreign exchange reserves have climbed by $94.599 billion since March’s end and are $87.438 billion higher than a year ago.
This record level of reserves offers a strong buffer against external shocks and enhances India’s ability to manage volatility in global financial markets and the foreign‑exchange arena.
In the week ending August 28, RBI data indicated a $11.475 billion rise, taking reserves to an all‑time high of $740.803 billion.
