India's foreign exchange reserves scaled a new high again, crossing the $700 billion milestone.
In the week that ended on September 27, the forex reserves kitty rose $12.588 billion to $704.885 billion, as per the data released by the Reserve Bank of India on Friday.
Last week, the kitty was at the previous high of $692.296 billion.
This buffer of foreign exchange reserves helps insulate domestic economic activity from global shocks.
According to the latest data from the apex bank, India's foreign currency assets, the largest component of forex reserves, were at $616.154 billion.
The gold reserves are currently worth $65.796 billion, as per Friday's data.
As per estimates, India's foreign exchange reserves are now sufficient to cover over a year of projected imports. -- ANI