India's Foreign Exchange Reserves Jump $7.53 Billion to Record $674.91 Bilion
India's Foreign Exchange Reserves Jump $7.53 Billion to Record $674.91 Bilion
India's foreign exchange reserves surged by $7.53 billion to reach an all-time high of $674.91 billion as of the week ending on august 2, according to the most recent RBI data. The total reserves had previously declined by $3.47 billion to $667.39 billion in the week ending on July 26. Prior to this uptick, the highest level for the reserves was $670.86 billion, recorded on July 18. As of august 2, 2024, the gold reserves totaled $60.10 billion, indicating an increase of $2.40 billion from the previous week. In the week concluding on august 2, foreign currency assets, a key component of the reserves, rose by $5.16 billion to $592.04 billion, as indicated by the data published on august 9.
The foreign currency assets, presented in terms of dollars, encompass the impact of the appreciation or depreciation of non-US units such as the euro, pound, and yen held in the foreign exchange reserves. Additionally, the special drawing rights (SDRs) decreased by $41 million to $18.16 billion, while India's reserve position with the IMF rose by $8 million to $4.62 billion within the same reporting week, according to RBI.
Sanjeev Agrawal, the president of the PHD Chamber of Commerce and Industry, remarked that "India’s robust standing amidst global economic headwinds and uncertain geopolitical scenario, backed by strategic policy measures and vigilant monetary policy stance, have led the forex reserves to reach the record all-time high at the level of $674 billion (as on Aug. 2, 2024)." Moving forward, this achievement will propel India's economy on an upward growth trajectory, bolster India’s global standing, attract foreign investments, and strengthen domestic trade and industry. Agrawal also noted that "Given the nation’s significant foreign exchange reserves, the RBI will have greater flexibility in managing currency and monetary policy."