Foreign Exchange Reserves: The ongoing rise in foreign exchange reserves for the last seven weeks has come to a halt. With a decline of $3.709 billion in the week ending October 4, the foreign exchange reserves have come down to $701.176 billion, which was $704.885 billion in the previous week. Despite this decline, the forex reserve remains above $700 billion.
Reserve Bank of India has released the data of Forex reserves. According to this data, foreign exchange reserves have decreased by 3.709 billion to 701.176 billion dollars. Foreign currency assets decreased by $3.511 billion and came to $612.643 billion. RBI’s gold reserve has also decreased and it has come down by 40 million dollars to the level of 657.56 billion dollars. SDR declined by $123 million to $18.42 billion and reserves deposited in the International Monetary Fund decreased by $35 million to $4.35 billion.
After the meeting of the Monetary Policy Committee of RBI on October 9, 2024, Governor Shaktikanta Das said, India’s foreign exchange reserves have crossed the new milestone of $ 700 billion. He said that India’s external sector remains strong. He assured that we will be successful in meeting our external financing needs. The RBI Governor said that in the current financial year, foreign portfolio investment worth $19.2 billion has come between June and October 7. Foreign direct investment also remains strong.
Bank of America said in its recently released report that by March 2026, India’s foreign exchange reserves will increase to 746 billion dollars. Which will help RBI to stop the weakness in rupee. Compared to other emerging markets, India has strong reserves of foreign currency. India is the fourth largest country in the world in terms of foreign exchange reserves.
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