India’s forex reserves hit fresh record of $723.8 bn after $14.4 bn weekly surge

India's forex reserves jumped by another $14.361 billion to a new all-time high of $723.774 billion during the week ended January 30, the Reserve Bank said on Friday.

In the previous reporting week, the forex kitty had increased by $8.053 billion to $709.413 billion, surging past the earlier all-time high of $704.89 billion recorded in September 2024.

For the week ended January 30, foreign currency assets, a major component of the reserves, decreased by $493 million to $562.392 billion, the data released by the central bank showed.

Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.

Value of gold reserves soared by $14.595 billion to $137.683 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $216 million to $18.953 billion, the apex bank said.

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India's reserve position with the IMF was also up by $44 million to $4.746 billion in the reporting week, according to the apex bank's data.