India's foreign exchange reserves increased by $4.368 billion to $693.318 billion in the week ending December 19, nearing a record high. This rise was primarily driven by a significant increase in gold reserves, which grew by $2.623 billion, alongside a $1.641 billion rise in foreign currency assets. The Reserve Bank of India stated that these reserves are sufficient to cover over 11 months of merchandise imports, indicating the country's resilient external sector and ability to meet financing needs.