Indian Forex Reserves Hit Record High of Over $728 Billion

India's foreign exchange reserves have reached an all-time high of over $728.49 billion, according to the Reserve Bank of India. This marks a significant increase of more than $4.88 billion from the previous week. The value of gold reserves, a key component of foreign exchange reserves, increased by over $4.14 billion to $131.63 billion.

The largest component of forex reserves, Foreign Currency Assets (FCA), saw an increase of $561 million to over $573.12 billion. This includes the effect of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange kitty.

Additionally, the Central Bank's position in the International Monetary Fund also advanced by $158 million to $4.87 billion. The value of Special Drawing Rights increased by $26 million to $18.86 billion US dollars.