Forex reserves surge by $9.42 billion to all-time high of $620.57 billion

The country’s foreign exchange reserves surged by $9.427 billion to a record high of $620.576 billion in the week ended July 30, according to the latest RBI data.

In the previous week ended July 23, the reserves had declined by $1.581 billion to $611.149 billion. In the reporting week ended July 30, the rise in the reserves was on the back of an increase in foreign currency assets (FCAs), a major component of the overall reserves, the Reserve Bank of India’s (RBI) weekly data released on Friday showed.

FCA increased by $8.596 billion to $576.224 billion in the reporting week. Gold reserves were up by $760 million to $37.644 billion in the reporting week, the data showed.