NEW DELHI — India’s foreign exchange reserves surged to a record high of $689.24 billion in the week ending September 6, marking a substantial increase that underscores the country’s strengthening economic position on the global stage.

According to Namibia Press Agency, the Reserve Bank of India reported a $5.25 billion rise in the nation’s forex reserves compared to the previous week, which saw an increase of $2.3 billion. This continuous growth in reserves is attributed largely to gains in foreign currency assets, which are the largest component of the reserves.

Foreign currency assets experienced a significant boost, increasing by $5.11 billion to reach $604.14 billion. Additionally, there was a notable rise in gold reserves, which climbed $129 million to total $61.99 billion. This accumulation of reserves provides India with a substantial buffer to manage the external and economic challenges it may face, enhancing its financial stability and capacity to engage in international commerce.