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India's forex reserves soar past $700 bn milestone
The Daily Guardian
|October 05, 2024
India's foreign exchange reserves scaled a new high again, crossing the USD 700 billion milestone.
In the week that ended on September 27, the forex reserves kitty rose from USD 12.588 billion to USD 704.885 billion, as per the data released by the Reserve Bank of India (RBI) on Friday. Last week, the kitty was at the previous high of USD 692.296 billion.
This buffer of foreign exchange reserves helps insulate domestic economic activity from global shocks.
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