India's Forex Reserves Continue Upward Trend

India's foreign exchange reserves have seen a significant increase, rising by $8.31 billion to reach $686.145 billion for the week ending April 18, as reported by the Reserve Bank of India (RBI) on Friday. This marks the seventh consecutive week of growth, following a previous increase of $1.567 billion to $677.835 billion in the week ended April 11.

Historical Highs and Current Growth

The reserves had previously reached an all-time high of $704.885 billion in September 2024. Breaking down the current figures, foreign currency assets, a major component of the reserves, increased by $3.516 billion to $578.495 billion. These assets, when converted to dollars, account for fluctuations in non-US currencies like the euro, pound, and yen within the reserves.

Gold Reserves and SDRs Show Positive Movement

Gold reserves also saw a notable rise, increasing by $4.575 billion to $84.572 billion. Additionally, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) grew by $212 million to $18.568 billion. India's reserve position with the IMF improved by $7 million, reaching $4.51 billion in the reporting week.