India’s forex reserves up $4.84 billion to $702.78 billion; highest since Sept 2024 peak

India’s foreign exchange reserves rose by $4.84 billion to $702.78 billion in the week ended June 27, the Reserve Bank of India (RBI) said on Friday, July 4.

In the previous week, reserves had declined by $1.01 billion to $697.93 billion.

The reserves remain just below the record high of $704.89 billion reached in late September 2024.

Foreign currency assets, the largest component of the forex reserves, reflect the impact of movements in non-US currencies such as the euro, pound and yen, the RBI said.

Gold reserves fell by $1.23 billion to $84.5 billion during the reported week, while special drawing rights (SDRs) rose by $158 million to $18.83 billion.

India’s reserve position with the International Monetary Fund (IMF) also increased by $176 million to $4.62 billion, central bank data showed.

ALSO READ | Indians’ outward remittances up 50% in 3 years on travel surge; overseas education spend drops 43%: RBI