CATCH ME UP
India's foreign exchange reserves expanded sharply by $ 14.136 billion during the week ended August 7.
Total reserves reached $ 707.002 billion according to Reserve Bank of India data.
The growth was primarily driven by increases in foreign currency assets and gold reserves.
Foreign currency assets rose by 9.
More context
9 billion US dollars and gold reserves added 3.
9 billion US dollars.
Minor upward adjustments were also recorded in the IMF reserve position and Special Drawing Rights.
This expansion provides an additional economic buffer against external global market shocks.
The Indian rupee appreciated marginally by 3 paise against the US dollar during the same period.
Analysts note that reserves continue to face ongoing pressure from fund outflows and crude prices.
The milestone highlights the ongoing impact of measures launched to attract foreign inflows.
Experts emphasize that these robust reserves enhance overall national currency stability.