India's Forex Reserves Hit All-Time High of $657.16 Billion on July 5, Up $5.16 Billion

Jul 15, 2024, 08:40 AM

India's foreign exchange reserves reached an all-time high of $657.16 billion during the week ended July 5, 2024, according to data released by the Reserve Bank of India (RBI). This marks an increase of $5.158 billion from the previous week, when reserves stood at $652.00 billion. The rise in reserves is attributed to a significant increase in foreign currency assets, which grew by $4.23 billion to $577.11 billion. The stockpile grew by $5.2 billion in that week. The milestone comes a week after India's sovereign debt was included in a key emerging market index, which likely contributed to the surge in reserves.