India’s foreign exchange reserves rose by nearly $45 billion in the week to September 4, reaching a record $785.7 billion, according to central bank data.
The increase marked the 10th consecutive weekly rise, with reserves gaining almost $120 billion during the period as strong dollar inflows boosted the country’s external position.
The Reserve Bank of India received $136.3 billion through measures introduced in June to encourage foreign currency inflows. Non resident Indian deposits accounted for $127 billion of the total.
Foreign currency assets rose by $47.4 billion to $648.2 billion, while gold reserves fell by about $2.6 billion to $113.8 billion.
Analysts said the headline increase may partly reflect future liabilities linked to the RBI’s forward currency positions. The central bank has also intervened frequently in the foreign exchange market to support the rupee.
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