India's foreign exchange reserves hit fresh peak of $648.56 billion

India's foreign exchange reserves rose for the seventh consecutive week to reach a fresh peak of $648.56 billion in the week ended 5 April, latest data by the Reserve Bank of India showed. The reserves increased by $2.98 billion during the week.

The reserves rose on the back of an increase in gold reserves, which rose by $2.39 billion in the week. Foreign currency assets, a substantial part of the reserves, increased by $549 million in the previous week.

In the current calendar year, the reserves have expanded by 23 billion so far. As of 29 December 2023, India's foreign exchange reserves amounted to $623 billion.

In the week under review, the reserve position in the International Monetary Fund (IMF) was up by $9 million to $4.67 billion, whereas Special Drawing Rights (SDRs) were up by $24 million to $18.17 billion.