India's forex reserves rise $6.3 billion to nearly $697 billion
Business
India's foreign exchange reserves just got a boost, rising by $6.3 billion to nearly $697 billion as of May 8, according to the Reserve Bank of India.
This comes after a dip the previous week and follows a record high earlier this year, which had dropped due to global tensions and efforts to steady the rupee.
India's gold reserves gained over $5.6B
Most of this jump came from gold reserves, which shot up by more than $5.6 billion.
Foreign currency assets, the biggest chunk, also grew slightly. Smaller increases came from India's holdings with the International Monetary Fund and Special Drawing Rights (SDRs).
The numbers can shift with changes in global currencies like the euro and yen, but for now, India's financial safety net is looking stronger again.