New Delhi, September 28: India’s gold reserves have indeed been on the rise, with the latest data from the Reserve Bank of India (RBI) showing an increase of $726 million, bringing the total to $63.613 billion.
This growth is largely driven by strong buying among gold exchange-traded fund (ETF) investors and safe-haven demand.
Additionally, India’s foreign exchange reserves have reached a new high of $692.296 billion, up by $2.838 billion in the week ending September 20.
Experts predict that these reserves could surpass $700 billion in the current fiscal year (FY25), bolstered by significant foreign investments and a strong economic growth trajectory.
The increase in Special Drawing Rights (SDRs) to $18.540 billion and the central bank’s interventions in the foreign exchange market are also noteworthy.
Despite a slight decrease in the country’s reserve position with the International Monetary Fund (IMF), the overall outlook remains positive.
