India’s foreign exchange reserves rose by 4.5 billion dollars to over 702 billion for the week ending October 17, mainly driven by a surge in gold reserves. Held by the Reserve Bank of India as part of the country’s foreign exchange reserves, Gold reserves surged by 6.2 billion dollars to exceed 108.5 billion dollars for the first time, supported by a sharp rise in global gold prices and increased purchases by the central bank. 

 

Foreign currency assets, which form the largest component of the reserves, declined by 1.7 billion dollars to over 570 billion dollars during the week, influenced by fluctuations in currencies such as the euro, pound, and yen. India’s reserve position with the International Monetary Fund (IMF) fell by 30 million dollars to 4.62 billion dollars during the same period.