India's Forex Reserves Continue Upward Trend

India's foreign exchange reserves have seen a significant increase, rising by $1.567 billion to reach $677.835 billion for the week ending April 11, as reported by the Reserve Bank of India on Friday. This marks the sixth consecutive week of growth in the reserves.

Details of the Reserves

The overall forex kitty witnessed an increase of $10.872 billion, reaching $676.268 billion in the previous reporting week ended April 4. The foreign currency assets, a major component of the reserves, increased by $892 million to $574.98 billion.

Gold reserves also saw an uptick, increasing by $638 million to $79.997 billion during this period. However, Special Drawing Rights (SDRs) decreased by $6 million to $18.356 billion.

Historical Context

The highest level of forex reserves was recorded at $704.885 billion in September 2024. The foreign currency assets reflect changes in the value of non-US currencies such as the euro, pound, and yen held in the reserves.

India's reserve position with the IMF increased by $43 million to $4.502 billion in the reporting week, according to the RBI data.