Foreign Exchange Reserves: The country’s foreign exchange reserves have reached an all-time high. In the week ending on August 2, 2024, the foreign exchange reserve has reached a historical high of $ 675 billion for the first time. In the previous week, the foreign exchange reserve was $ 667.38 billion.
RBI Governor Shaktikanta Das informed about the foreign exchange reserves reaching an all-time high after the 50th Monetary Policy Committee meeting. The RBI Governor said, India’s foreign exchange reserve has reached a historic high of $675 billion on August 2, 2024. That is, between July 26 and August 2, there has been an increase of about $8 billion in the foreign exchange reserves. In the week ending July 26, 2024, the foreign exchange reserve was $667.38 billion.
RBI Governor said, Overall, India’s external sector remains dynamic as key indicators continue to improve. He said, We are confident that we will be able to meet our external financing needs with great comfort.
The RBI governor said that foreign portfolio investors have bought $9.7 billion in the domestic market between June 2024 and August 6, while an outflow of $4.2 billion was seen during April and May. He said that foreign direct investment has also increased during 2024-25 and gross FDI has jumped 20 per cent during April-May 20254, while net FDI has doubled compared to the same period last year.
Earlier, after the three-day meeting of the 50th Monetary Policy Committee of RBI, Governor Shaktikanta Das while giving information about the decisions taken said that the repo rate has been kept at 6.50 percent. In the six-member MPC, 4 members voted to keep the repo rate at the current level while two members were in favor of reducing the repo rate.
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