India’s Forex Reserves Hit Record High, Surpassing $681 Billion

India’s foreign exchange reserves have climbed to a record high of $681.69 billion as of August 23, according to the Reserve Bank of India (RBI). This significant increase, fueled by a $7.02 billion jump in reserves, marks a new milestone for the country’s financial stability. The RBI’s intervention in the market, including selling dollars to prevent rupee depreciation, has contributed to this surge. Foreign currency assets (FCAs) saw a notable rise of $5.98 billion, reaching $597.55 billion, while gold reserves also experienced a significant increase, reaching $60.9 billion. This record high in forex reserves demonstrates India’s strong economic position and its ability to manage market fluctuations.