India's Forex Reserves Continue to Rise

India's foreign exchange reserves have seen an impressive increase, marking the eighth consecutive week of growth. The reserves rose by $1.983 billion to $688.129 billion during the week ended April 25, as reported by the Reserve Bank of India (RBI).

Components of the Reserves

Foreign currency assets (FCAs), the largest component, increased by $2.168 billion to $580.663 billion. Meanwhile, gold reserves saw a slight decline of $207 million to $84.365 billion. Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $21 million to $18.589 billion.

Year-on-Year Growth

On a year-on-year basis, reserves were up by Rs 5,61,953 crore ($50.21 billion) from April 26, 2024. This significant growth underscores the strength and adequacy of India's external buffer.