India's Forex Reserves Soar: A Steady Climb in Global Assets

India's foreign exchange reserves saw a significant increase of USD 2.294 billion, pushing the total to USD 698.95 billion for the week ending June 13, as reported by the Reserve Bank of India on Friday. This rise follows last week's substantial jump of USD 5.17 billion, indicating a steady climb.

The data highlights a notable growth in foreign currency assets, which surged by USD 1.739 billion to stand at USD 589.426 billion. These assets account for the appreciation or depreciation of non-US currencies like the euro, pound, and yen that are included in the reserves.

Gold reserves also witnessed a positive shift, increasing by USD 428 million to reach USD 86.316 billion. Additionally, the Special Drawing Rights climbed by USD 85 million to USD 18.756 billion, while India's reserve position with the IMF rose slightly by USD 43 million, according to the central bank's latest figures.

(With inputs from agencies.)