India’s Forex Reserves Jumps 4.88 bn USD to Record High of 728.5 bn USD for Week Ending Feb 27

India’s forex reserve has seen a significant growth in February this year. The Reserve Bank announced on Friday that during the week ending February 27, India’s foreign exchange reserves increased by USD 4.885 billion to reach an all time high of USD 728.494 billion.

The total reserves decreased by USD 2.119 billion to USD 723.608 billion in the prior reporting week. The kitty’s prior record high was USD 725.727 billion in the week that concluded on February 13 of this year, reported by PTI. According to data released by the central bank, foreign currency assets, a significant part of the reserves, rose by USD 561 million to USD 573.125 billion for the week ending February 27, PTI reports further.

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The foreign currency assets are valued in dollars and take into account the impact of changes in the value of non U.S. units, such as the euro, pound and yen, which are kept in the foreign exchange reserves, according to the reports.

The value of Special Drawing Rights rose by 26 million US dollars to 18.86 billion US dollars. A nation’s foreign exchange reserves are essential and serve as a reliable sign of its financial stability. In addition, they are essential to preserving a stable currency exchange rate.