India's Forex Reserves Rise to Record USD 728.49 Billion on Gold and Currency Gains

India's foreign exchange reserves reached a record high of USD 728.49 billion in the week ended February 27, rising by USD 4.885 billion according to Reserve Bank of India data. The increase was driven by a USD 4.141 billion rise in gold reserves, now valued at USD 131.63 billion, and a USD 561 million increase in foreign currency assets totaling USD 573.125 billion. Special Drawing Rights and India's IMF reserve position also saw modest gains during the week.