India's Forex Reserves Achieve Record High of $681 Billion
India's Forex Reserves Reach New Heights
India's foreign exchange reserves have hit a record high of $681.69 billion as of August 23, reflecting a significant increase of $7.02 billion according to data from the Reserve Bank of India (RBI). This surge follows a previous rise where reserves grew by $4.54 billion to $674.66 billion for the week ending on August 16.
Highlights of the Forex Reserves Increase
- Foreign currency assets (FCAs) saw an uptick of $5.98 billion, reaching $597.55 billion.
- Gold reserves increased by $893 million to $60.9 billion.
- Special Drawing Rights (SDRs) rose by $118 million to a total of $18.45 billion.
- The reserve position with the International Monetary Fund (IMF) slightly increased by $3 million to $4.68 billion.
The RBI’s periodic market interventions through liquidity management strategies aim to prevent a sharp depreciation in the value of the Rupee. This overall growth trajectory in India’s forex reserves serves as a stabilizing factor in the economic landscape.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.