New Delhi, Sep 26 (NationPress) As of September 19, India’s foreign exchange reserves are reported at $702.57 billion, with a notable increase in gold reserves by $360 million, bringing the total to $92.78 billion, based on recent data from the Reserve Bank of India (RBI) released on Friday.

The primary component of these reserves, foreign currency assets, was assessed at $586.15 billion for the week.

Additionally, the reserves consist of special drawing rights (SDRs) and India’s position with the International Monetary Fund (IMF), which were valued at $18.88 billion and $4.76 billion, respectively.

During the week, SDRs increased by $105 million and the IMF reserve position grew by $2 million.

In the preceding week, India's forex reserves had risen by $4.69 billion to reach $702.9 billion, with a prior record high of $704.885 billion noted at the end of September 2024.

The RBI routinely engages in foreign exchange market interventions, including dollar sales, to mitigate volatility in the rupee’s value.

Officials have clarified that their focus is on maintaining orderly market conditions, rather than aiming for a specific exchange rate.

In the prior week, foreign currency assets, which constitute the bulk of the reserves, saw a rise of $2.5 billion to $587.04 billion.

These assets encompass major global currencies like the euro, pound, and yen, with their dollar value fluctuating according to exchange rate variations.

Gold reserves also experienced a significant boost in the previous week, climbing by $2.1 billion to total $92.42 billion.

The reserves have been on a consistent upward trend, surpassing the $698 billion threshold in the week ending September 5, following a jump of $4.03 billion, after a $3.51 billion increase in the week before.

Analysts suggest that this robust buffer, nearing record levels, will enable India to weather external shocks, bolster the rupee, and foster confidence among global investors, particularly amidst unpredictable global economic circumstances.