India's Forex Reserves Soar to $688.95 Billion, Boosting Economic Stability

• India's foreign exchange reserves increased by $1.69 billion to $688.95 billion in the week ending December 12.
• Foreign Currency Assets (FCA), a major component, rose by $906 million to $557.79 billion.
• Gold reserves also saw a significant increase of $758 million, reaching $107.74 billion.
• The country's Special Drawing Rights (SDR) with IMF and reserve position with IMF also increased.
• Forex reserves are crucial for economic strength, stability, import payments, and rupee stabilization.

Why It Matters: India's forex reserves surged to $688.95 billion, strengthening economic stability and international credibility.