India's foreign currency reserves have witnessed a substantial surge, as reported by the Reserve Bank of India (RBI). The central banking regulator released data indicating that foreign exchange reserves increased by $5.73 billion, reaching $622.46 billion in the week ending February 2, 2024.
The RBI disclosed the foreign exchange reserves data on Friday, February 9, 2024. According to the provided information, there was a notable rise from the previous week's figure of $616.733 billion. The surge was particularly driven by a significant increase in foreign currency assets, which rose by $5.186 billion, reaching $551.133 billion.
Concurrently, the RBI's gold reserves also experienced a substantial uptick, growing by $608 million and reaching a total of $48.08 billion. However, the Special Drawing Rights (SDR) declined to $18.18 billion. The reserves deposited with the International Monetary Fund (IMF) remained unchanged at $4.86 billion. This notable increase in India's foreign currency reserves reflects positive economic developments and stability.