India Forex Reserves Hit Record $740.8 Billion: RBI Data

Key facts

• India's foreign exchange reserves climbed to a fresh all-time high of $740.8 billion in the week ending August 28.
• The reserves rose $11.48 billion during the week, after having jumped $12.42 billion to a then-record $729.33 billion in the previous week.
• The previous major peak was $728.49 billion in the week ended February 27.
• Reserves fell by almost $11.7 billion in the week ended March 6 as the central bank sold dollars.
• In March, the RBI sold a net $9.76 billion in the spot foreign exchange market.
• Reserves have now risen for nine consecutive weeks, adding nearly $75 billion over the period.
• The RBI introduced a special dollar-rupee swap facility on June 8 for fresh FCNR(B) deposits with maturities between three and five years.
• Banks mobilised about $127.22 billion through FCNR(B) deposits by August 31.
• Another $5.26 billion came through overseas foreign currency borrowings (OFCBs), while external commercial borrowings (ECBs) brought in $3.89 billion, taking total mobilisation to about $136.37 billion.
• RBI closed the FCNR(B) window early to August 31 from the initial September 30 deadline.
• Foreign currency assets rose $9.34 billion to $600.67 billion in the week ended August 28.
• Gold reserves rose another $2.19 billion to $116.41 billion.
• Special Drawing Rights declined $43 million to $18.81 billion, while India's reserve position with the IMF fell $11 million to $4.91 billion.
• System liquidity moved from a surplus of about Rs 1.6 lakh crore initially to Rs 6.7 lakh crore by the end of August and further to Rs 9.7 lakh crore as of September 2.
• The RBI announced VRRR operations totalling Rs 53.5 lakh crore between August 6 and September 2.