India's forex reserves rise by $3.5 billion

India?s foreign exchange reserves saw a notable uptick of $3.51 billion, reaching $694.23 billion in the week ending August 29, according to data released by the Reserve Bank of India (RBI) on Friday. The rise comes after a fall of $4.38 billion in the previous week.

The RBI highlighted that foreign currency assets (FCAs)rose by $1.68 billion to $583.93 billion.

Gold reserves provided a significant boost, increasing by $1.77 billion to $86.77 billion.

The apex bank also reported that Special Drawing Rights (SDRs) with the IMF increased by $40 million to $18.78 billion, while India?s reserve position with the IMF rose by $18 million to $4.75 billion during the same week.

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