Team Blitz India
NEW DELHI: India’s foreign exchange reserves surged for the second straight week, by $2.561 billion in the week that ended on May 10, according to data shared by the Reserve Bank of India (RBI).This uptick follows a period of three consecutive weeks of decline in the forex kitty.
The nation’s foreign exchange reserves had recently achieved an all-time high of $ 648.562 billion.
The latest figures from the RBI reveal that India’s foreign currency assets (FCA), the largest component of the forex reserves, increased by $ 1.488 billion to $565.648 billion during the week.
India’s current foreign exchange reserves are deemed sufficient to cover 11 months of projected imports, according to the Monthly Economic Review report from the Department of Economic Affairs under the Ministry of Finance.
