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Forex reserves rises to $692.3 bn, sufficient to cover one year imports
The Daily Guardian
|September 28, 2024
India’s foreign exchange reserves scaled a new high of USD 692.296 billion, jumping by USD 2.838 billion in the week that ended on September 20, as per the data released by the Reserve Bank of India (RBI) on Friday.
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Last week, the forex stood at USD 689.458 billion. The Forex kitty has seen an increase of about 69 billion so far this year from January.
This buffer of foreign exchange reserves helps insulate domestic economic activity from global shocks.
According to the latest data from the apex bank, India’s foreign currency assets (FCA), the largest component of forex reserves, were at USD 605.686 billion.
The gold reserves are currently worth USD 61.988 billion, as per Friday’s data.
As per estimates, India’s foreign exchange reserves are now sufficient to cover about a year of projected imports.
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