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India's forex reserves climb for second week in a row, up $2.6 bn
The Business Guardian
|May 20, 2024
In India's foreign exchange reserves rose for the second consecutive week by USD 2.561 billion, reaching USD 644.151 billion as of May 10, 2024, according to the Reserve Bank of India (RBI).
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This increase follows a period of decline where the forex reserves decreased for three consecutive weeks. Recently, India's forex reserves had reached an all-time high of USD 648.562 billion.
The RBI's data indicated that the primary driver of this growth was the increase in foreign currency assets (FCA), which rose by USD 1.488 billion to USD 565.648 billion. Additionally, gold reserves grew by USD 1.072 billion, totalling USD 55.952 billion.
India's forex reserves, which recently hit their peak, are now sufficient to cover 11 months of projected imports. This information was highlighted in the Monthly Economic Review report by the Department of Economic Affairs under the Ministry of Finance.
This story is from the May 20, 2024 edition of The Business Guardian.
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