Daijiworld Media Network – New Delhi

New Delhi, Apr 26: India's foreign exchange reserves surged to a robust $686.14 billion for the week ending April 18, marking the highest level since November last year and highlighting the resilience of the Indian economy amidst global volatility.

According to the Reserve Bank of India (RBI), the reserves grew by a substantial $8.31 billion, registering the seventh consecutive weekly rise. In the previous week ending April 11, the reserves had risen by $1.57 billion.

The current figures reflect a strong recovery from the steep dip witnessed after the all-time high of $704.88 billion in September 2024. A significant contributor to the surge was foreign currency assets, which rose to $578.49 billion. Gold reserves too witnessed a notable rise of $4.575 billion, reaching $84.572 billion.

Special Drawing Rights (SDRs) increased by $212 million to $18.568 billion, while India’s reserve position with the IMF edged up by $7 million to $4.51 billion.

RBI Governor Sanjay Malhotra highlighted the strength of India's financial markets, noting that the forex market almost doubled from $32 billion in 2020 to $60 billion in 2024. Similarly, the average daily volumes in the overnight money market soared from around Rs 3 lac cr to over Rs 5.4 lac cr during the same period.

He added that the government securities (G-secs) market witnessed a 40% jump in average daily volumes, reaching Rs 66,000 cr. “All segments Forex, G-sec, and Money Markets have largely remained stable. Though the rupee came under pressure briefly, it has since regained ground,” Malhotra said.