India's Forex Reserves Surge to $676 Billion

India's foreign exchange reserves have surged by $1.08 billion to reach $676.237 billion, according to data released by the Reserve Bank of India (RBI). The increase marks a rise from the previous week's total of $675.157 billion, which had seen a gain of $964 million.

The main driver behind this week's increase was an uptick in foreign currency assets (FCAs), which rose by $4.549 billion to $551.057 billion. This comes as FCAs are valued in US dollar terms and reflect the impact of fluctuations in major non-dollar currencies like the euro, pound sterling, and Japanese yen.

However, gold reserves declined during this period, falling by $3.48 billion to $101.749 billion. Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) saw a minor increase of $44 million to $18.67 billion, while India's reserve position with the IMF dropped by $32 million to $4.761 billion.