Forex Reserves India 2024: A Milestone Achievement
Forex Reserves India 2024: Key Highlights
India’s forex reserves have continually increased, with the latest data from the Reserve Bank of India (RBI) showing a surge of $12.5 billion during the week ending September 27, pushing the total to an all-time high of $704.89 billion. This represents a remarkable growth from the previous week, where reserves increased by $2.8 billion, reaching $692.3 billion.
Gold Reserves in India
In conjunction with this growth, India's gold reserves climbed $2.184 billion to $65.796 billion, according to the same RBI report. This uptick in gold holdings is a strategic move indicative of India’s financial health.
- Foreign currency assets constitute a major part of the reserves, which saw an increment of $10.468 billion, bringing it up to $616.154 billion.
- The value of foreign currency assets fluctuates based on the appreciation or depreciation of foreign currencies such as the euro, pound, and yen.
- Special Drawing Rights (SDRs) increased by $8 million, reaching $18.547 billion.
- Despite the surge in reserves, India's position with the IMF slightly declined by $71 million to $4.387 billion.
The RBI often manages liquidity in the market through interventions such as selling dollars, aimed at stabilizing the rupee.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.