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India’s Forex Reserves Climb by $6.99 B to $692.72 B

Interventions by the Reserve Bank of India to stabilise the exchange rate coincided with this week’s uptick in India’s foreign exchange reserves.

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Overview

  • India’s forex reserves rose by USD6.992 billion to USD692.721 billion in the week ended May 23, reversing a USD4.888 billion decline the previous week.
  • Foreign currency assets edged up by USD4.516 million to USD586.167 billion, driven in part by valuation gains in euro, pound and yen holdings.
  • Gold reserves jumped by USD2.366 billion to USD83.582 billion as bullion prices firmed.
  • Special Drawing Rights increased by USD81 million to USD18.571 billion and India’s IMF reserve position gained USD30 million to USD4.401 billion.
  • The reserves remain below the record USD704.885 billion peak reached at end-September 2024 despite the latest rebound.