India's Foreign Exchange Reserves Hit Record High of $692 Billion
· Business · Business Standard
India's foreign exchange reserves reached a new all-time high of $692.3 billion for the week ending September 20, 2024. This marks an increase of $2.84 billion from the previous reporting period, according to the latest data from the Reserve Bank of India. The growth was primarily driven by a rise in foreign currency assets, which climbed by $2.05 billion to reach $605.7 billion. Gold reserves also saw a significant boost, rising by $736 million to reach $63.6 billion. Special Drawing Rights and the reserve position with the International Monetary Fund also recorded marginal gains during the week.
Why it matters
Higher reserves provide the Reserve Bank of India with greater capacity to intervene in currency markets and manage volatility in the rupee. This robust buffer strengthens India's external financial stability against global economic shocks.
Read the original report — Business Standard
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