India's Forex Reserves Soar to $689 Billion, Gold Holdings Up $758 Million

• India's forex reserves increased by $1.689 billion, reaching $688.949 billion by December 12.
• Gold reserves saw a significant rise of $758 million, totaling $107.741 billion.
• Foreign currency assets, a major component, grew by $906 million to $557.787 billion.
• RBI confirms reserves are sufficient to cover over 11 months of merchandise imports, ensuring external sector resilience.
• India added $58 billion to reserves in 2023, contrasting with a $71 billion decline in 2022, showing strong growth.

Why It Matters: India's forex reserves hit $689 billion, bolstered by gold, signaling strong economic resilience.