Diabytes
India forex reserve News
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In 2023, India added around USD 58 billion to its forex reserves, in contrast to a cumulative decline of USD 71 billion in 2022.
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In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves have risen by a little over USD 20 billion so far.
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According to a recent RBI report, India's foreign exchange reserves are now sufficient to cover over 11 months of projected imports.
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RBI Governor Shaktikanta Das on Friday referred to the record foreign exchange reserves as a reflection of the strength of the Indian economy.
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Gold reserves increased USD 269 million to USD 47.481 billion during the week, the RBI said.
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Gold reserves declined by USD 246 million to USD 43.781 billion. At the start of last year -- 2022, the overall forex reserves were at about USD 633 billion.
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Forex reserves comprise of foreign currency assets, gold reserves, SDRs, and the country`s reserve position with the IMF.
On a weekly basis, FCAs edged lower by $1.480 billion to $569.889 billion.
The value of the country's gold reserves inched up by $14 million to $39.405 billion.
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India's foreign reserves crossed the $500 billion mark on Friday for the first time after registering a massive surge of $8.22 billion in the week ended June 5 aided by higher foreign inflows.
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In the previous week, the reserves had increased by USD 1.148 billion to USD 394.55 billion.
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Gold reserves remained unchanged at USD 19.943 billion.
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The country's foreign exchange reserves declined by USD 3.03 billion to USD 360.79 billion for the week ended June 24 amid volatility in the currency market after Brexit referendum in the UK.
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