Mumbai — India’s foreign exchange reserves jumped by $44.90 billion to a record $785.71 billion in the week ended September 4, according to data released Friday by the Reserve Bank of India.
The increase followed an $11.47 billion rise in the previous week, when reserves reached $740.80 billion as of August 28.
Foreign currency assets, the largest component of the country’s reserves, rose by $47.498 billion during the week to $648.17 billion. The holdings were $95.886 billion higher than at the end of March and $63.692 billion above their level a year earlier.
Gold reserves, meanwhile, fell by $2.594 billion to $113.816 billion. Despite the weekly decline, they remained $23.517 billion higher than a year ago, though they were $1.580 billion below their end-March level.
India’s Special Drawing Rights with the International Monetary Fund slipped by $4 million to $18.806 billion. SDR holdings were $184 million higher than at the end of March and $64 million above their year-ago level.
The country’s reserve position with the IMF increased by $2 million during the week to $4.916 billion. That was $108 million higher than at the end of March and $168 million above the level recorded a year earlier.
Overall, India’s foreign exchange reserves have increased by $94.599 billion since the end of March and are $87.438 billion higher than a year ago.
The record level of reserves gives India a significant buffer against external shocks and strengthens its ability to manage volatility in global financial and foreign exchange markets. (Source: IANS)
