Foreign Exchange Reserves in India Increase for Seventh Straight Week, Approaching Record-Breaking Peak
Spice Up Your Day: Here's a piece about the Thriving Indian Rupee that's as crisp as your morning chai!
Capital Capital: India's forex reserves saw an impressive boost of USD 8.310 billion, reaching USD 686.145 billion in the week ending April 18. It marks the seventh consecutive week of growth, following a four-month slump. The Indian Rupee now hovers at or near its record low against the almighty Greenback.
Let's break it down: The Rupee's recent exchange rate Blues can be traced back to the Reserve Bank of India (RBI) stepping in to prevent a drastic Rupee depreciation. But enough Monetary Medicine talk, let's dive into the deets!
You heard it right, India's gold reserves currently stack up to a whopping USD 84.572 billion according to RBI data, while the Foreign Currency Assets (FCA) stand tall at USD 578.49 billion. These reserves are estimated to cover around 10-12 months of projected imports.
India added a massive USD 58 billion to its forex reserves in 2023. The RBI has been actively building these reserves by buying dollars during periods when the Rupee is strong, and selling them when it weakens. To put it simply, the RBI plays the market like a pro!
But that's not all, folks! Non-dollar assets in reserves appreciated when the US dollar weakened, giving the reserves a nice boost. Furthermore, the current account deficit narrowed, and stable remittances likely contributed to dollar inflows. Now, isn't that swell?
And guess what? India's ain't done Yeti. The forex reserves surged to a staggering USD 686.14 billion by April 18, 2025! The RBI's smart moves are keeping the currency stable while ensuring the reserves stay plenty.
So, there you have it — the Indian Rupee's comeback story is looking as strong as your morning cup of masala chai. Cheers to that!
The Reserve Bank of India (RBI) added USD 8.310 billion to India's forex reserves in the week ending April 18, 2023, reaching USD 686.145 billion, marking a seven-week growth streak following a four-month slump. In 2023 alone, India bolstered its forex reserves by a massive USD 58 billion.
