MUMBAI: India’s central bank added to its gold reserves in the quarter ended March 2023, taking its gold holdings to a record high, data released on Monday showed.

The Reserve Bank of India held 794.64 metric tonnes of gold as part of its forex reserves as of March 2023, compared with 785.35 metric tonnes at the end of September 2022, according to the central bank’s half-yearly report on management of foreign exchange reserves.

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Share of gold in value of its reserves also rose to 7.81% at the end of March from 7.06% as of September 2022.

India’s overall foreign exchange reserves now stand at $588.78 billion.

At the end of December 2022, foreign exchange reserves cover of imports increased to 9.3 months from 8.9 months at end-September, said the report.