India forex reserves rise Rs 41,359 crore to Rs 60 lakh crore

India’s foreign exchange reserves surged by Rs 41,359 crore ($4.84 billion) to reach Rs 60,05,537 crore ($702.78 billion) for the week ended June 27, according to the latest data released by the Reserve Bank of India (RBI) on Friday.This increase comes after a decline of Rs 8,630 crore ($1.01 billion) in the previous reporting week, when the total reserves had stood at Rs 59,64,091 crore ($697.93 billion). The current level brings the reserves closer to the record high of Rs 60,23,525 crore ($704.885 billion) achieved in end-September 2024.
The rise in reserves was largely attributed to an increase in foreign currency assets (FCA), which form a major component of the overall reserves,stated experts. FCA expressed in dollar terms also includes the impact of appreciation or depreciation of non-dollar currencies such as the euro, pound sterling, and yen held in the reserve basket.However, gold reserves saw a notable decline of Rs 10,510 crore ($1.23 billion) during the week, falling to Rs 7,22,086 crore ($84.5 billion).
In contrast, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by Rs 1,350 crore ($158 million), while India's reserve position with the IMF also rose by Rs 1,503 crore ($176 million) to Rs 39,479 crore ($4.62 billion), the RBI data showed.

(Business Correspondent)