Forex boost: India’s reserves climb by $2.29 billion to $698.95 billion; led by gains in foreign currency assets and gold – OXBIG NEWS NETWORK-OxBig News Network

India’s foreign exchange reserves rose by $2.294 billion to $698.95 billion in the week ended June 13, according to data released by the Reserve Bank of India (RBI) on Friday.This follows a $5.17 billion increase in the previous week, taking the total gains over two weeks to nearly $7.5 billion, PTI reported. The all-time high for India’s forex reserves was $704.89 billion, recorded at the end of September 2024.According to the RBI, foreign currency assets (FCAs) — the largest component of the reserves — rose by $1.739 billion to $589.43 billion during the latest week. These assets reflect the impact of movement in non-US currencies such as the euro, yen and pound held in the reserves.The gold reserves increased by $428 million to $86.32 billion, while Special Drawing Rights (SDRs) rose by $85 million to $18.76 billion. India’s reserve position with the IMF also edged up by $43 million to $4.45 billion, the RBI data showed.Forex reserves act as a buffer to stabilise the rupee and meet India’s external payment obligations. The current rise comes amid steady capital inflows and lower crude oil prices.