The Sentinel Assam on Nostr: India's Forex Reserves Surge to Record High of $657.16 Billion, Reflecting Strong ...
India's Forex Reserves Surge to Record High of $657.16 Billion, Reflecting Strong Economic Fundamentals
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India's foreign exchange reserves reached a record high of $657.16 billion during the week ended July 5, increasing by $5.16 billion. The country's forex reserves had contracted to $652 billion the previous week but have now resumed their rising trend. The surge in reserves reflects strong economic fundamentals and provides the Reserve Bank of India (RBI) with more flexibility to stabilize the rupee. A strong forex kitty allows the RBI to intervene in currency markets and prevent the rupee from depreciating. Governor Shaktikanta Das stated that India's external sector remains resilient, and the RBI is confident in meeting the country's external financing requirements. India's current account deficit declined to $23.2 billion (0.7% of GDP) in 2023-24, down from $67.0 billion (2.0% of GDP) the previous year, due to a lower merchandise trade deficit. The RBI data also showed that India's current account balance recorded a surplus of $5.7 billion (0.6% of GDP) in the January-March quarter of 2023-24, reflecting an improvement in the country's macroeconomic position.
#India #ForexReserves #Economy #Rbi
https://www.sentinelassam.com/topheadlines/indias-forex-reserves-surge-to-record-high-of-65716-billion-reflecting-strong-economic-fundamentals
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India's foreign exchange reserves reached a record high of $657.16 billion during the week ended July 5, increasing by $5.16 billion. The country's forex reserves had contracted to $652 billion the previous week but have now resumed their rising trend. The surge in reserves reflects strong economic fundamentals and provides the Reserve Bank of India (RBI) with more flexibility to stabilize the rupee. A strong forex kitty allows the RBI to intervene in currency markets and prevent the rupee from depreciating. Governor Shaktikanta Das stated that India's external sector remains resilient, and the RBI is confident in meeting the country's external financing requirements. India's current account deficit declined to $23.2 billion (0.7% of GDP) in 2023-24, down from $67.0 billion (2.0% of GDP) the previous year, due to a lower merchandise trade deficit. The RBI data also showed that India's current account balance recorded a surplus of $5.7 billion (0.6% of GDP) in the January-March quarter of 2023-24, reflecting an improvement in the country's macroeconomic position.
#India #ForexReserves #Economy #Rbi
https://www.sentinelassam.com/topheadlines/indias-forex-reserves-surge-to-record-high-of-65716-billion-reflecting-strong-economic-fundamentals