India's forex reserves jump $4.5 billion, reaching all-time high at $648.7 billion: RBI

India's forex reserves surged by $4.549 billion to a record $648.7 billion for the week ending May 17, marking the third consecutive weekly increase, according to the RBI. This rise follows a $2.561 billion increase the previous week. Foreign currency assets (FCAs) grew by $3.361 billion to $569.01 billion, while gold reserves increased by $1.24 billion to $57.19 billion. \r

Special drawing rights rose by $113 million to $18.16 billion, but the IMF reserve position fell by $168 million to $4.32 billion. The RBI's strategic policy reforms and vigilant monetary policy have been credited for this achievement, enhancing India's global standing and providing the RBI greater autonomy in managing the rupee amid geopolitical challenges.