India’s foreign exchange reserves rise for third week, hit record high

BENGALURU: India’s foreign exchange reserves rose for a third straight week, hitting a lifetime high of $670.86 billion as of July 19, data from the Reserve Bank of India showed on Friday.

The reserves climbed by $4 billion in the reporting week, after rising by a total of $14.9 billion in the prior two weeks.

Changes in foreign currency assets are caused by the RBI’s intervention as well as the appreciation or depreciation of foreign assets held in its reserves.

Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.

India’s foreign exchange reserves hit record high

In the week to which the foreign exchange data pertains, the rupee had logged a record closing low, and was down week-on-week.

The RBI has been defending the rupee during periods of volatility.

The currency settled at 83.7275 on Friday at an all-time low, extending its losing streak to the fourth straight week.

Foreign exchange reserves (in million US dollars)
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                             July 19      July 12
                               2024         2024
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Foreign currency assets      588,048      585,470
Gold                          59,992       58,663
SDRs                          18,207       18,111
Reserve Tranche Position       4,610        4,609
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Total                        670,857      666,854
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