India's forex reserves jump $4.7B to surpass $700B
What's the story
India's foreign exchange reserves have witnessed a significant jump of $4.7 billion, taking the total to $703 billion as of September 12. The data released by the Reserve Bank of India (RBI) on Friday showed that this is the first time since July that India's forex reserves have crossed the $700 billion mark. The increase is mainly due to higher foreign currency assets and gold holdings during the reporting week.
Weekly growth
Foreign currency assets and gold holdings drive increase
In the previous reporting week, India's forex reserves had also witnessed a rise of $4.038 billion, taking the total to $698.268 billion. The latest data shows that foreign currency assets, which are a major part of these reserves, increased by $2.5 billion during the reporting week, and gold holdings rose by $2.1 billion. Special Drawing Rights (SDRs) also increased by $33 million to reach a total of $18.8 billion during this period.
IMF position
Reserve position with IMF also rises
Along with the rise in forex reserves, India's reserve position with the International Monetary Fund (IMF) also saw an increase. It went up by $9 million during this period to reach a total of $4.76 billion. This further highlights India's strengthening financial standing on the global stage and its growing influence in international monetary affairs.