Team Blitz India
NEW DELHI: India’s foreign exchange reserves have soared to a record high of $648.562 billion, marking the seventh consecutive weekly increase, according to the latest data from the Reserve Bank of India (RBI).
The surge was propelled by a $ 549 million rise in foreign currency assets (FCA), reaching $571.166 billion, as indicated in the central bank’s weekly statistical report. Additionally, gold reserves climbed by 2.398 billion to $54.558 billion.
In 2023 alone, the RBI bolstered the forex reserves by approximately $58 billion, rebounding from a cumulative decline of $ 71 billion in 2022.
So far in 2024, the reserves have grown by about $28 billion, reinforcing the nation’s economic resilience.
Foreign exchange reserves serve as a crucial buffer for economic stability, predominantly held in reserve currencies such as the US Dollar, Euro, Japanese Yen, and Pound Sterling.
