Bengaluru: India’s foreign exchange reserves (INFXR=ECI) rose for a third straight week, hitting a lifetime high of $670.86 billion as of July 19, according to data from the Reserve Bank of India (RBI) released on Friday.
The reserves increased by $4 billion in the reporting week, following a total rise of $14.9 billion in the previous two weeks. Changes in foreign currency assets result from the RBI’s intervention and the appreciation or depreciation of foreign assets held in its reserves.
In addition to foreign currency assets, foreign exchange reserves include India’s reserve tranche position in the International Monetary Fund (IMF). During the week for which the data pertains, the rupee recorded a record closing low and was down on a week-on-week basis. The RBI has been actively defending the rupee during periods of volatility.
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The currency settled at an all-time low of 83.7275 on Friday, extending its losing streak to the fourth consecutive week.
Foreign Exchange Reserves (in million U.S. dollars):
| Date | Foreign Currency Assets | Gold | SDRs | Reserve Tranche Position | Total |
|---|---|---|---|---|---|
| July 19, 2024 | 588,048 | 59,992 | 18,207 | 4,610 | 670,857 |
| July 12, 2024 | 585,470 | 58,663 | 18,111 | 4,609 | 666,854 |
