Forex reserves reached a record $729 billion as of week ending August 16, 2024, up $12.4 billion week-on-week
GK and monthly revision
At $729 billion, forex kitty hits a record
India's forex reserves surged by $12.4 billion to hit a record high of $729 billion as of the week ending August 16, 2024, surpassing the previous peak of $728 billion in late February. Foreign currency assets rose $9.4 billion to $591 billion, while gold reserves increased $2.8 billion to $114 billion. Additionally, Indian banks mobilised $65.4 billion in FCNR-B deposits under RBI's special forex swap facility, with total inflows reaching $72.85 billion, reflecting strong capital inflows and RBI's proactive reserve management.
Source: Economic Times. This summary and analysis are AI-written from that report and are not individually fact-checked — confirm names, dates and figures with the source before you rely on them.
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Key points
Exam-ready takeaways
Foreign currency assets rose $9.4 billion to $591 billion; gold reserves increased $2.8 billion to $114 billion
Previous record high was $728 billion in late February 2024
Banks mobilised $65.4 billion in FCNR-B deposits under RBI's special forex swap facility as of August 21, 2024
Total foreign exchange inflows through the FCNR-B swap window reached $72.85 billion, per RBI statement
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