India’s foreign exchange reserves rose by $12.588 billion to a new all-time high of $704.885 billion during the week ended September 27, the Reserve Bank said on Friday.
In the previous week, the total budget had increased by 2,838 million dollars, to 692,296 million dollars.
The $12,588 million would be one of the highest weekly increases in history and this is the first time that reserves have surpassed the $700 billion mark.
During the week ending September 27, foreign currency assets, a major component of reserves, rose by $10.468 billion to $616.154 billion, data released on Friday showed.
Expressed in dollars, foreign currency assets include the effect of appreciation or depreciation of non-U.S. units such as the euro, pound, and yen held in foreign exchange reserves.
Gold reserves rose by $2.184 billion to $65.796 billion during the week, the central bank said.
Special Drawing Rights (SDR) increased by $8 million to $18,547 million, he said.
India’s reserve position with the IMF fell by $71 million to $4.387 billion in the reporting week, data from the apex bank showed.
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