India’s Foreign Exchange Reserves Surged By $2.56 Billion as per RBI Report

The country's foreign exchange reserves had recently achieved an all-time high of USD 648.562 billion.

India’s Foreign Exchange Reserves Surged By $2.56 Billion as per RBI Report

According to the RBI data, India’s foreign exchange reserves surged for the second week, from USD 2.561 billion to USD 644.151 billion in the week ending on May 10. The nation’s foreign exchange reserves had recently achieved an all-time high of USD 648.562 billion.

The latest figures from the RBI shows that India’s foreign currency assets (FCA), the largest component of the forex reserves, increased by USD 1.488 billion to USD 565.648 billion during the week. Additionally, gold reserves rose by USD 1.072 billion to USD 55.952 billion.

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India’s current foreign exchange reserves have contributed 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.

In 2023, the RBI bolstered its foreign exchange by approximately USD 58 billion. In contrast, in 2022, India’s forex reserves plummeted by a cumulative USD 71 billion. However, in 2024, foreign exchange reserves have cumulatively increased by about USD 23 billion so far.

Foreign exchange reserves, also known as forex reserves or FX reserves, are assets held by a nation’s central bank or monetary authority. These reserves are typically denominated in currencies such as the US Dollar, Euro, Japanese Yen, and Pound Sterling.

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