India's Forex Reserves Rise $12.588 Billion to Record $704.89 Billion, Exceed $700 Billion for First Time

Oct 4, 2024, 11:36 AM

India's foreign exchange reserves surged by $12.588 billion to reach a new all-time high of $704.885 billion for the week ended September 27, according to data released by the Reserve Bank of India (RBI). This marks the first time India's forex reserves have crossed the $700 billion threshold, following a sustained seven-week rally. The reserves' increase was driven primarily by a significant rise in foreign currency assets, which grew by $10.47 billion to $616.15 billion. Analysts suggest that the robust growth in reserves strengthens the central bank's potential to influence the rupee.