India's forex reserves rise by $964 million to $675.16 bn in the week ended July 10

India's foreign exchange reserves saw a notable increase, rising by $964 million to reach $675.157 billion for the week concluding July 10. The Reserve Bank of India's (RBI) Weekly Statistical Supplement attributed this growth mainly to an expansion in foreign currency assets.

Foreign currency assets, the largest component of the reserves, grew by $930 million to $546.508 billion. Gold reserves also contributed to the increase, adding $24 million to reach $105.230 billion. Additionally, India's Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) saw a modest rise of $3 million, while its reserve position in the IMF improved by $7 million.

However, the overall picture shows a decline compared to earlier periods. Total reserves are down by $15.951 billion since the end of March. Foreign currency assets have decreased by $5.775 billion, and gold reserves have fallen by $10.166 billion over the same timeframe. On a year-on-year basis, total reserves are $21.515 billion lower than the previous year, with significant drops in foreign currency assets despite an increase in gold reserves.