India’s foreign exchange reserves rose by USD 4.698 billion to USD 702.966 billion in the week ending September 12, according to the Reserve Bank of India’s latest Weekly Statistical Supplement. This marks the third consecutive weekly increase, with the reserves crossing the much-awaited USD 700 billion mark.
The RBI data showed that foreign currency assets (FCA), the largest component of forex reserves, climbed to USD 587.014 billion, up by USD 2.537 billion. Gold reserves also surged, rising by USD 2.12 billion to reach USD 92.419 billion.
Following the latest monetary policy review, RBI Governor Sanjay Malhotra said India’s foreign exchange holdings are now sufficient to cover 11 months of imports.
