Foreign Exchange Reserves: India has created history. For the first time, India’s foreign exchange reserves have crossed 700 billion dollars. According to RBI data, Foreign Exchange Reserves have reached the level of $ 704.885 billion in the week ending September 27, 2024, with a jump of $ 12.588 billion. In its first week it was $692.29 billion. Due to huge increase in FPI investment, foreign currency reserves have reached all-time high. Apart from India, China, Japan and Switzerland alone have foreign currency reserves of more than 700 billion dollars.
Forex reserves at all-time high
The Reserve Bank of India has released the data of foreign exchange reserves on October 4, 2024, according to which it has increased by $ 12.588 billion and reached the level of $ 704.885 billion in the week ending September 27, 2024. Foreign currency assets have increased by $ 10.46 billion during this period and have reached $ 616.154 billion. In the year 2024, there has been an increase of more than 80 billion dollars in the foreign exchange reserves of RBI.
Strong rise in gold reserves also
After the sharp rise in gold prices, the valuation of RBI’s gold reserve has increased and it has increased by $ 2.184 billion to the level of $ 657.96 billion. SDR stood at $18.54 billion with an increase of $308 million. However, the reserves deposited in the International Monetary Fund have decreased during this period and it has decreased by 71 million dollars to 4.38 billion dollars.
There will be a reserve of 746 billion dollars by March 2026
According to Bloomberg report, Bank of America has said 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. According to the report, India has sufficient foreign currency reserves compared to other emerging markets. India is the fourth largest country in the world in terms of foreign exchange reserves.
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