New Delhi, Oct 11 || India's foreign exchange (Forex) reserves stood above $700 billion for the second-consecutive week, data from the Reserve Bank of India (RBI) showed on Friday.
The foreign reserves stood at $701.18 billion as of October 4, a drop of $3.71 billion from the previous week, according to the RBI’s weekly bulletin.
The country's Forex reserves of over $700 billion are at an all-time high and the fourth-largest in the world.
Forex rose nearly $35 billion in the earlier seven weeks.
As per the Weekly Statistical Supplement released by the RBI, Foreign Currency Assets (FCAs) dropped by $3.51 billion to $612.6 billion.
Gold reserves decreased by $40 million to $65.76 billion.
Special Drawing Rights (SDRs) also saw a marginal dip by $123 million to stand at $18.43 billion.
The country’s reserve position in the International Monetary Fund (IMF) witnessed a marginal decrease of $71 million at $4.3 billion.
Despite geo-political uncertainties, the investors' confidence remained intact in India's growth story as last week, the country's foreign exchange reserves surpassed $700 billion for the first time, reaching $704.89 billion.
The Forex surged $12.59 billion, which is the largest weekly rise since mid-July 2023.