Finance
India’s foreign exchange (Forex) reserves exceeded $700 billion for the second week in a row, according to Reserve Bank of India (RBI) data released on Friday.
Foreign reserves stood at $701.18 billion on October 4, down $3.71 billion from the previous week, according to the RBI’s weekly report.
The country’s forex reserves, which total more than $700 billion, are at an all-time high and rank fourth in the world.
Forex gained approximately $35 billion in the previous seven weeks.
According to the RBI’s Weekly Statistical Supplement, foreign currency assets (FCAs) fell by $3.51 billion to $612.6 billion.
Gold reserves fell by $40 million, to $65.76 billion.
Special Drawing Rights (SDRs) fell by $123 million, totaling $18.43 billion.
The country’s IMF reserve position decreased by $71 million to $4.3 billion.
Despite geopolitical risks, investors remain optimistic about India’s economic story, as the country’s foreign exchange reserves reached $700 billion for the first time last week, reaching $704.89 billion.
The Forex market rose by $12.59 billion this week, the most since mid-July 2023.
The country has entered the ranks of three other countries – China, Japan, and Switzerland – that have exceeded $700 billion in reserves.
Foreign inflows into the country this year have surpassed $30 billion.
Looking ahead, India’s forex reserves are expected to increase further. The strong Forex will accelerate its economic growth by boosting its international position, attracting foreign investment, and supporting local commerce and industry.
Source:IANS
