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INDIA'S FOREX RESERVES SURGE FOR SEVENTH CONSECUTIVE WEEK, ATTAIN NEW HIGH
The Business Guardian
|April 15, 2024
India’s foreign currency assets FCA), the biggest component of the forex reserves, rose by USD 549 million to USD 571.166 billion, the central bank’s weekly statistical data showed.
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India's foreign exchange reserves have continued their upward trajectory, marking a significant milestone by reaching a record high of USD 648.562 billion in the week ending on April 5, according to the latest figures released by the Reserve Bank of India (RBI). This marks the seventh consecutive week of growth, showcasing the country's robust financial resilience amidst global economic fluctuations.
Before this latest surge, the foreign exchange kitty stood at USD 645.583 billion, underscoring the steady accumulation of reserves in recent weeks. The bulk of these reserves, known as foreign currency assets (FCA), witnessed a notable increase of USD 549 million, reaching USD 571.166 billion, as per the central bank's weekly statistical data.
Gold reserves also saw a substantial uptick during the same period, rising by USD 2.398 billion to USD 54.558 billion, contributing to the overall strengthening of India's foreign exchange arsenal.
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