India's foreign exchange reserves reached a new record high of $648.56 billion in the week ending April 5th, surpassing the previous peak of $645.58 billion. The reserves increased by $2.9 billion, primarily driven by a $2.4 billion rise in gold assets, influenced by a surge in bullion prices. Geopolitical uncertainties in West Asia and Eastern Europe have prompted central banks worldwide to boost their gold assets, aiming to mitigate currency volatility and high interest rates in the US.
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