The country’s foreign exchange reserves surged by a massive $6.47 billion to touch an all-time high of $513.25 billion in the week ended July 3, the latest data from the Reserve Bank of India (RBI) showed. In the previous week ended Jun 26, the reserves had increased by $1.27 billion to $506.84 billion.
The reserves had crossed the half-a-trillion dollar mark for the first time in the week ended June 5 after it had increased $8.22 billion and reached $501.70 billion.
In the week ended July 3, the reserves rose due to an increase in foreign currency assets (FCA), which is the major component of the overall reserves.
The gold reserves were up by $495 million in the reporting week to $34.02 billion, the RBI data showed.
The special drawing rights with the International Monetary Fund (IMF) rose $4 million to $1.45 billion.
The country’s reserve position with the IMF also increased $259 million to $4.526 billion during the reporting week, the data showed.