India’s foreign exchange reserves rose by $2.294 billion to $698.95 billion for the week ended June 13, the Reserve Bank of India (RBI) said on Friday, marking the second consecutive weekly increase.This follows a $5.17 billion jump in the previous week ended June 6. The country’s forex reserves had hit a record high of $704.885 billion in late September 2024.
The latest increase was driven primarily by a rise in foreign currency assets, which grew by $1.739 billion to $589.426 billion. These assets include the effects of changes in the value of non-dollar currencies such as the euro, yen, and pound.
Gold reserves also added to the uptick, rising $428 million to $86.316 billion. Special Drawing Rights (SDRs) increased by $85 million to $18.756 billion, while India’s reserve position with the International Monetary Fund (IMF) inched up by $43 million to $4.452 billion.The steady build-up in reserves reflects ongoing foreign inflows and a relatively stable external environment, despite persistent global uncertainties.Also Read: Stock Market Highlights: Nifty 50 ends above 25,100 as Friday’s gain help regain losses of last week
Source link
