India's Forex Reserves Soar to Record USD 709.413 Billion

• India's forex reserves surged by USD 8.053 billion, reaching an unprecedented USD 709.413 billion by January 23.
• This marks a new all-time high, surpassing the previous record of USD 704.89 billion set in September 2024.
• Foreign currency assets, a key component, increased by USD 2.367 billion to USD 562.885 billion.
• The value of gold reserves saw a significant jump of USD 5.635 billion, reaching USD 123.088 billion.
• Special Drawing Rights (SDRs) and India's reserve position with the IMF also registered increases.

Why It Matters: India's forex reserves hit a new all-time high, strengthening the economy's financial buffer.