India’s foreign exchange reserves rose by $4.5 billion to $702.3 billion for the week ended October 17, mainly driven by a surge in gold reserves, according to data released by the Reserve Bank of India (RBI) on Friday.

Gold reserves held by the RBI as part of the country’s foreign exchange reserves surged by $6.2 billion to exceed $108.5 billion for the first time, supported by a sharp rise in global gold prices and increased purchases by the central bank.

Foreign currency assets, which form the largest component of the reserves, declined by $1.7 billion to $570.4 billion during the week, influenced by fluctuations in currencies such as the euro, pound, and yen. India’s reserve position with the International Monetary Fund (IMF) fell by $30 million to $4.62 billion during the same perio

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