India's Forex Reserves Hit Record USD 785.7 Billion After USD 44.9 Billion Weekly Surge

India's foreign exchange reserves have reached an all-time high of USD 785.706 billion, after a record weekly surge of USD 44.903 billion, according to data released by the Reserve Bank of India (RBI) on Friday.

The sharp increase in reserves was driven by stronger foreign-currency inflows under measures introduced by the RBI in June, which included concessional foreign exchange swap schemes.

Foreign currency non-resident bank deposits accounted for most of these flows, with banks mobilizing USD 127.226 billion through the scheme, while overseas foreign-currency borrowings and external commercial borrowings added to the total.

The RBI's measures had brought in about USD 136.4 billion by August 31, which helped boost India's reserves and push it above Russia to become the world's fourth-largest holder of foreign exchange reserves, behind China, Japan, and Switzerland.