India's Forex Reserves Surge Amidst Gold Asset Boom
India's foreign exchange reserves increased by USD 4.553 billion to USD 690.617 billion, driven by a significant rise in gold assets. The overall reserves saw a previous drop, but foreign currency assets and gold reserves have notably increased. Conversely, the IMF reserve position and SDRs experienced slight declines.
- Country:
- India
In a significant financial development, India's foreign exchange reserves have risen sharply by USD 4.553 billion, reaching USD 690.617 billion as of the end of the week on May 9. This increment is largely attributed to a substantial increase in the value of gold assets, according to the Reserve Bank of India (RBI).
Previously, the overall reserves had witnessed a decline of USD 2.065 billion, settling at USD 686.064 billion. The highest recorded figure was USD 704.885 billion, achieved by the end of September 2024. The latest data reflects a rebound, especially within foreign currency assets.
The increase in reserve figures highlights the inclusion of foreign currency assets' appreciation against non-US currencies and a significant rise in gold reserve holdings. Meanwhile, Special Drawing Rights and India's reserve position with the International Monetary Fund decreased slightly.
(With inputs from agencies.)
- READ MORE ON:
- India
- forex reserves
- RBI
- gold assets
- foreign currency
- IMF
- United States
- Securities
- economy
- finance
ALSO READ
India Urges IMF to Reevaluate Assistance Amidst Terror Funding Concerns
United States Prepares for 11th International Day of Yoga
Tracking Global Trade from Space: IMF’s Satellite-Based Nowcasting Breakthrough
IMF's Gopinath Warns of U.S. Debt Challenges Amid Trade Uncertainty
Piccadily Agro Industries Limited Surges with 40% Growth in IMFL Division
Google News