Business

India’s Forex Reserves Increase To $698.95 Billion

Forex Reserves: India’s foreign exchange reserves rose by $2.29 billion to reach $698.95 billion for the week ending June 13, the Reserve Bank of India (RBI) reported on Friday.

The country’s reserves had stood at $696.66 billion the previous week, which had already seen a jump of $5.17 billion. With this two-week surge of nearly $7.5 billion, India is approaching its record high of $704.885 billion, last seen at the end of September 2023.

For the latest week, foreign currency assets, the largest portion of the reserves, rose by $1.73 billion to $589.42 billion.

Gold reserves also increased by $428 million to $86.32 billion, the RBI data showed. Central banks around the world, including the RBI, have been increasing gold holdings amid rising geopolitical tensions.

Since 2021, the share of gold in India’s forex reserves has almost doubled.

The Special Drawing Rights (SDRs) climbed by $85 million to $18.76 billion, and India’s IMF reserve position rose by $43 million to $4.45 billion for the same week.

RBI highlights strong external sector

RBI Governor Sanjay Malhotra said earlier this month that India’s forex reserves can cover over 11 months of goods imports and about 96% of the country’s external debt.

He noted that India’s external sector remains resilient, with key vulnerability indicators improving steadily.

A rising forex reserve reflects the strength of India’s economy and offers the RBI greater flexibility to manage rupee volatility.

The central bank can release dollars into the spot and forward currency markets when needed to avoid steep depreciation of the rupee.

Also Read: Eight Core Industries Record 0.7% Growth In May, Cement And Steel Production UP

Ajaypal Choudhary

Recent Posts

BJP Looting Land, Forest, Water: Rahul Gandhi At ‘save Constitution’ Rally In Odisha

Rahul Gandhi said the Constitution protects Dalits, tribals, and the poor, and the BJP is…

1 hour ago

Centre Proposes Rs 1,345 crore Scheme To Incentivise Rare Earth Magnet Production In India

The Central government is planning to launch a Rs 1,345 crore scheme as a subsidy…

2 hours ago

Spiritual Fervour Meets Environmental Action In Chandni Chowk

Chandni Chowk traders join Baba Tiwari’s spiritual drive to revive the Yamuna, blending tradition with…

3 hours ago

Sanskar Bharati Celebrates Guru Purnima In Delhi; Honours Guru-Shishya Tradition With Music & Dance

Sanskar Bharati celebrated Guru Purnima 2025 in Delhi with classical music, dance, and tributes to…

3 hours ago

HM Amit Shah To Inaugurate BJP State Headquarters In Kerala’s Thiruvananthapuram

Union Home Minister Amit Shah will inaugurate the newly constructed BJP state headquarters in Thiruvananthapuram…

3 hours ago

Coast Guard Rescues Two Crew Members From Stranded US Yacht

According to the Ministry of Defence (MoD), the incident occurred on 10 July. The yacht…

3 hours ago