India's Forex Reserves Swell To Record High Of $642.5 Billion
The kitty saw a jump of $6.4 billion over the previous reporting week.
India's foreign exchange reserves swelled to a record high of $642.5 billion for the week-ended March 15, Reserve Bank of India data showed on Friday.
The kitty saw a jump of $6.4 billion over the previous reporting week.
The new record surpassed the peak reached in October 2021. Since then, the reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments.
The forex stock hit a low of $524.5 billion in October 2022.
So far this year, foreign portfolio investors have pumped in Rs 76,766 crore into the country's debt and equity markets, according to data on the National Securities Depository Ltd.
More robust greenback inflows in dollar/rupee spot market, ahead of India's inclusion to JPMorgan's Government Bond Index-Emerging Markets, is expected.
For the week-ended March 15, the foreign currency assets, a major component of the reserves, increased by $6.034 billion to $568.386 billion, the data showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-U.S. units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves increased by $425 million to $51.14 billion during the week.
