India's foreign Exchange Witness Surge (Representative Image)
India’s foreign exchange reserves have recently witnessed a surge of USD 681.688 billion, following an increase of USD 7.023 billion during the week ending August 23. Reports Reserve bank of India.
As per the latest RBI data, India’s foreign currency assets (FCA), the largest component of forex reserves, rose by USD 5.983 billion to USD 597.552 billion.
Additionally, gold reserves increased by USD 893 million to a total of USD 60.997 billion. According to Current estimates, India’s forex reserves are now adequate to cover roughly one year of projected imports.
Also Read: Indian Credit Card Spending Rises To ₹1.7 Trillion In July 2024
In a previous peak was USD 674.919 billion. This upward trend in reserves has been ongoing, with a notable rise of approximately USD 60 billion in 2024 alone. These reserves act as a cushion against global economic shocks, supporting domestic stability.
Earlier in 2023, India added around USD 58 billion to its forex reserves, contrasting with a cumulative decline of USD 71 billion in 2022.
But, RBI closely monitors the foreign exchange market and intervenes to maintain market stability, aiming to manage excessive volatility without adhering to specific target levels.
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(With Inputs From ANI)
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