Forex Reserve: Foreign exchange reserves reached an all-time high of $689 billion, data released:Forex Reserve: Foreign exchange reserves reached an all-time high of $689 billion, data released

India's foreign exchange reserves rose by $5.2 billion to a new all-time high of $689.24 billion in the week ended September 06, 2024. The Reserve Bank of India (RBI) gave this information on Friday. Earlier, the foreign exchange reserves had increased by $2.3 billion to the previous all-time high of $683.99 billion in the week ended August 30.

According to the weekly data released by the RBI, foreign currency assets (FCA) rose by $5.10 billion to $604.1 billion. Expressed in dollar terms, FCA includes the impact of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.

Gold reserves saw a rise of $129 million to $61.98 billion. Meanwhile, SDRs rose by $4 million to $18.47 billion for the above-mentioned week. India's reserve position with the IMF rose by $9 million to $4.63 billion.

The RBI, from time to time, intervenes in the market through liquidity management, including the sale of dollars, with the objective of preventing a sharp depreciation in the rupee. The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by controlling excessive volatility in the exchange rate.