Foreign Exchange Reserves Data: India’s foreign exchange reserves have jumped sharply to cross $680 billion for the first time. The banking sector regulator Reserve Bank of India (RBI) has released foreign exchange reserves data, according to which the foreign exchange reserves rose by $7 billion to $681.688 billion in the week ended August 23, 2024 from $674.66 billion in the previous week.
RBI has released the data of foreign exchange reserves on 30 August 2024, according to which the foreign exchange reserves have increased by $ 7.023 billion to $ 681.68 billion in the week ending on 23 August 2024, which is an all-time high. Foreign currency assets have increased by $ 5.983 billion to $ 597.552 billion. RBI’s gold reserve has also jumped sharply and it has increased by $ 893 million to $ 61 billion. SDR has increased by $ 118 million to $ 18.45 billion and the reserve in the International Monetary Fund has increased by $ 30 million to $ 4.68 billion.
Due to a strong increase in foreign portfolio investment in India, there has been an increase in foreign exchange reserves during this period. The Indian stock market has seen a strong rally in the last several trading sessions and due to foreign investment, the Sensex Nifty has closed at an all-time high. In the currency market, the rupee closed at a level of 83.86 with slight strength against one dollar on Friday, August 30, 2024.
Due to increased foreign investment in the year 2024, there has been a jump of $ 58 billion in foreign exchange reserves. On 29 December 2023, the foreign exchange reserves were 623 billion, which has now crossed $ 681 billion. According to the Monthly Economic Review released by the Department of Economic Affairs of the Ministry of Finance for the month of July, FPI inflow of $ 10.8 billion was seen in June and July 2024.
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