India’s foreign exchange reserves surged by $8.053 billion to touch a new all-time high of $709.413 billion in the week ended January 23, according to data released by the Reserve Bank of India, extending the rupee’s recent rebound after months of volatility.The latest increase follows a jump of $14.167 billion in the previous reporting week, when reserves rose to $701.36 billion, PTI reported. India’s foreign exchange reserves had earlier hit a peak of $704.89 billion in September 2024, but later came under strain as the central bank deployed reserves to prevent excessive depreciation of the rupee.Foreign currency assets (FCA), the largest component of reserves, increased by $2.367 billion to $562.885 billion during the week. FCA reserves reflect movements in non-US currencies such as the euro, pound and yen, adjusted for their appreciation or depreciation against the dollar.RBI data showed that gold reserves registered a sharp rise in the week under review, rising by $5.635 billion to $123.088 billion.Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $33 million to $18.737 billion, while India’s reserve position with the IMF rose by $18 million to $4.703 billion.