India’s Foreign Exchange Reserves reaches new high of USD 655.8 Billion

The reserves as so far in 2024, they have risen by over USD 30 billion, on a cumulative basis.

India’s Foreign Exchange Reserves reaches new high of USD 655.8 Billion

India’s foreign exchange reserves jumped USD 4.307 billion to touch a new lifetime high of USD 655.817 billion during the week that ended June 7, official data from the Reserve Bank of India (RBI) revealed.

According to the latest data released by the Reserve Bank of India (RBI), India’s foreign currency assets (FCA), the biggest component of the forex reserves, rose by USD 3.773 billion to USD 576.337 billion.

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The reserves have increased by more than USD 30 billion in 2024 on a cumulative basis. Gold reserves rose by $1 million to reach USD 56.982 billion this week.

The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any predetermined target level or band.

Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.

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