India Forex Reserves Hit All-Time High, Rise By $140 Million To $642.63 Billion

India's foreign exchange reserves surged by $140 million to a record $642.63 billion for the week ending March 22, according to data released by the Reserve Bank of India on Friday.

The new record surpasses the previous peak reached in October 2021. Since then, the reserves experienced a decline as the central bank utilised the reserves to bolster the rupee amid pressure, primarily stemming from global developments.

The forex reserves hit a low of $524.5 billion in October 2022.

During the week ending March 22, the data highlighted that foreign currency assets, a significant component of the reserves, decreased by $123 million to $568.264 billion.

Foreign currency assets are stated in dollar terms and encompass the impact of the appreciation or depreciation of non-U.S. currencies such as the euro, pound, and yen, which are held within the foreign exchange reserves.

Simultaneously, gold reserves saw an increase of $347 million, rising to $51.49 billion during the same week.

During the reported period, special drawing rights witnessed a decrease of $57 million, reaching $18,219 million. Additionally, India's reserve position with the International Monetary Fund experienced a decline of $27 million, falling to $4.662 billion.