Forex Reserves: India's Foreign Currency Assets Hit USD 681.69 Billion
Friday, 30 August 2024, 05:22
Forex Reserves Surge in India
India’s forex reserves have seen a remarkable increase, hitting a new record of USD 681.69 billion as of the week ending August 23. This surge of USD 7.023 billion has been largely driven by a significant rise in both foreign currency assets and gold reserves.
Key Components of India's Forex Reserves
- Gold Reserves: An increase in the valuation of gold has significantly contributed.
- Foreign Currency Assets: The major driver behind this record high.
Impact on India's Economy
This level of forex reserves positions India favorably in global markets, enhancing its monetary policy options and providing a buffer against external shocks.
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.