India's foreign exchange reserves jumped by $4.553 billion to $690.617 billion for the week ended May 9, led mainly by a steep increase in gold holdings, the Reserve Bank of India (RBI) said on Friday.
Contrastingly, the reserves in the prior week had fallen by $2.065 billion to $686.064 billion. The reserves had earlier touched an all-time high of $704.885 billion at the end of September 2024.
Figures released by the RBI indicated that for the week ended May 9, foreign currency assets, which constitute a large portion of the reserves, increased moderately by $196 million to $581.373 billion. The value in terms of dollars of such assets captures the effect of changes in non-US currencies such as the euro, pound, and yen, parked in the reserves.
Gold holdings increased by a significant amount of $4.518 billion to reach $86.337 billion over the same period, as per the RBI.
Special Drawing Rights (SDRs), meanwhile, dipped marginally by $26 million to $18.532 billion.
India's IMF reserve position also reduced by $134 million, reaching $4.374 billion for the week, RBI figures suggested.
Read also| India’s Russian Crude Imports Hit €2.9 bn in August, Nearly Matching China’s €3.1 bn
Read also| India’s Resilience Amid Global Trade Impact from Tariffs: Report
