India’s Forex Reserves Reached A Record High Of Over 740bn US Dollars Last Week

India’s foreign exchange reserves surged by 11.4 billion US dollars to a record high of 740.8 billion dollars during the week ended 28th of last month.

According to the Reserve Bank of India data, Foreign currency assets, the largest component of the reserves, increased by 9.3 billion US dollars to 600.6 billion dollars during the week. Gold reserves added 2.1 billion dollars to 116.4 billion dollars.

However, Special Drawing Rights declined by 43 million dollars to 18.8 billion dollars. Country’s reserve position with the International Monetary Fund dipped 11 million dollars to 4.9 billion dollars.