India’s foreign exchange reserves rose to fresh record high of $429.91 billion as the country’s gold and foreign currency assets increased in the week ended July 5.
The forex reserves had touched record highs in the previous two weeks.
Data from RBI showed that the country’s gold reserves increased by $1.35 billion to $24.30 billion in the week ended July 5. Over the year, India’s gold reserves have increased by $3.65 billion, according to RBI data.
Foreign currency assets that also reflect in changes in valuations, grew by $906.8 million to $400.81 billion over a week.
However, special drawing rights (SDR) shrunk by $4.7 million to $1.45 billion. India’s reserve position with the International Monetary Fund (IMF) also fell by $15.3 million to $3.35 billion in the week ended July 5.