India's forex reserves jump third week to hit fresh lifetime high

India's forex reserves rose for the third consecutive week, increasing by USD 4.549 billion to a new high of USD 648.700 billion as of May 17, according to the RBI. This follows a period of decline, with reserves previously hitting USD 648.562 billion. The latest data reveals a USD 3.361 billion rise in foreign currency assets to USD 569.009 billion and a USD 1.244 billion increase in gold reserves to USD 57.195 billion. \r

In 2023, the RBI added about USD 58 billion to its reserves, which now cover approximately 11 months of projected imports. The RBI's market interventions, aimed at preventing excessive rupee depreciation, also influence reserve levels. The previous all-time high was in October 2021.