India's forex reserves up $5B in first week of July
What's the story
India's foreign exchange reserves have seen a substantial surge of $5.158 billion, reaching a total of $657.155 billion for the week ending July 5, according to the Reserve Bank of India (RBI). This increase follows a two-week decline in which the forex reserves dropped by $1.713 billion to $651.997 billion as of June 28. The RBI also reported that foreign currency assets, a key component of these reserves, rose by $4.228 billion to $577.11 billion during the same period.
Additional increases
Gold reserves and Special Drawing Rights also rise
In addition to the surge in foreign exchange reserves, India's gold reserves also saw an upward trend, increasing by $904 million to a total of $57.432 billion for the week ending July 5. The RBI data also revealed that the Special Drawing Rights (SDRs) rose by $21 million, reaching a total of $18.036 billion during the same period. These figures reflect an overall positive trend in India's financial reserves.
Information
India's reserve position with IMF sees increment
The RBI also reported an increase in India's reserve position with the International Monetary Fund (IMF). The reserves rose by $4 million, reaching a total of $4.578 billion for the week ending July 5.