India's Forex Reserves Surge To USD 657 Billion

New Delhi, Jul 13 (KNN) In a significant reversal of recent trends, India's foreign exchange reserves experienced a substantial increase of USD 5.158 billion, reaching USD 657.155 billion for the week ending July 5, according to data released by the Reserve Bank of India (RBI) on July 12.

This upturn follows two consecutive weeks of decline, during which the forex reserves had decreased by USD 1.713 billion to USD 651.997 billion for the week ended June 28.

The current figures approach the all-time high of USD 655.817 billion recorded on June 7 this year.

The foreign currency assets, which constitute a major portion of the reserves, rose by USD 4.228 billion to USD 577.11 billion.

It's worth noting that these assets, expressed in U.S. dollar terms, reflect the appreciation or depreciation of non-U.S. currencies such as the euro, pound, and yen held in the foreign exchange reserves.

Other components of the forex reserves also showed positive movement.

Gold reserves increased by USD 904 million to USD 57.432 billion, while Special Drawing Rights rose by USD 21 million to USD 18.036 billion.

India's reserve position with the International Monetary Fund (IMF) saw a modest increase of USD 4 million, reaching USD 4.578 billion.

This latest surge in forex reserves comes at a time of global economic uncertainty and underscores the robustness of India's external financial position.

The RBI continues to monitor these reserves closely as they play a crucial role in managing exchange rate volatility and maintaining economic stability.

(KNN Bureau)