India’s foreign exchange reserves once again crossed the $700 billion mark, reaching $702.78 billion for the week ending June 27, according to data released by the Reserve Bank of India (RBI) on Friday.
This marks a significant rise of $4.8 billion from the previous week, when reserves stood at $697.93 billion.
This is the first time in nine months that India’s forex reserves have gone above the $700 billion level. The reserves had last touched an all-time high of $704.88 billion in end-September 2024.
The latest increase was mainly due to a sharp rise in foreign currency assets, which went up by $5.75 billion to reach $594.82 billion.