India’s Forex Reserves Rise $11.47 Billion to All‑Time High of $740.8 Billion

India’s foreign exchange reserves rose by $11.475 billion, reaching a record $740.803 billion for the week ending August 28, the Reserve Bank of India announced on Friday.

In the preceding week, the reserves rose by $12.422 billion, bringing the total to $729.328 billion, a new record high.

The previous record of $728.494 billion was set during the week ending February 27 earlier this year, shortly before the Middle East conflict began. Subsequent geopolitical tensions caused the rupee to weaken and prompted the RBI to intervene in the foreign‑exchange market by selling dollars.

Reserves have risen since the RBI introduced concessional forex swap facilities in June, responding to a sharp depreciation of the rupee. These measures have attracted more than $132 billion in new inflows.

For the week ending August 28, foreign currency assets — a key component of reserves — increased by $9.337 billion, reaching $600.67 billion, according to the central bank’s data.

When expressed in dollar terms, foreign currency assets reflect the impact of appreciation or depreciation of non‑U.S. currencies such as the euro, pound, and yen that are held in the reserves.

Gold reserves rose by $2.191 billion, reaching $116.409 billion for the week, the RBI reported.

Special drawing rights (SDRs) declined by $43 million, settling at $18.81 billion, according to the apex bank.

India’s reserve position with the International Monetary Fund fell by $11 million to $4.914 billion at the end of the reporting week, the apex bank said.

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