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India’s Forex Reserves Rise $1.49 Billion to $695.11 Billion in Week to Aug. 15

RBI says the stockpile gives ample room to steady the rupee.

Overview

  • Foreign currency assets increased by $1.924 billion to about $585.9 billion, according to RBI data.
  • Gold holdings declined by $493 million to $85.667 billion during the reporting week.
  • Special Drawing Rights rose by $41 million to $18.782 billion, while the IMF reserve position edged up $15 million to $4.754 billion.
  • The latest gain followed a $4.747 billion rise in the previous week, extending a two-week rebound in reserves.
  • Governor Sanjay Malhotra said reserves cover more than 11 months of goods imports and about 96% of external debt, reinforcing intervention capacity.