India's Forex Reserves Soar by USD 14 Billion, Hit USD 701 Billion Mark

• India's foreign exchange reserves surged by USD 14.167 billion to USD 701.36 billion in the week ending January 16, as per RBI data.
• This significant increase follows a rise of USD 392 million to USD 687.193 billion in the previous week.
• Foreign currency assets, a key component, grew by USD 9.652 billion to USD 560.518 billion.
• The value of gold reserves also saw a substantial jump of USD 4.623 billion, reaching USD 117.454 billion.
• Special Drawing Rights (SDRs) and India’s reserve position with the IMF experienced slight declines.

Why It Matters: India's forex reserves saw a substantial USD 14 billion increase, reaching over USD 701 billion.