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INDIA'S FOREX RESERVES DECLINE SLIGHTLY AFTER HITTING RECORD HIGH
The Daily Guardian
|August 03, 2024
India's foreign exchange reserves have come off their all-time high, after touching a record high last week. It broke the consecutive three-week rising streak.
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In the week that ended on July 26, the foreign exchange kitty declined by USD 3.471 billion to USD 667.386 billion, official data from the Reserve Bank of India (RBI) showed on Friday.
In the week that ended on July 19, the foreign exchange kitty had touched a record high of USD 670.857 billion. The previous high was at USD 666.85 touched last week.
The reserves have been rising on and off for a long time now. So far in 2024, they have risen by about USD 40- 45 billion, on a cumulative basis. The buffer of foreign exchange reserves insulates domestic economic activity from global spillovers.
Dit verhaal komt uit de August 03, 2024-editie van The Daily Guardian.
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