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India’s forex reserves breaks record
The forex reserve data hit the highest record as of Apr. 5, 2024.
India’s forex reserves hit a record of US$649 billion / Unsplash
India’s foreign exchange reserves broke a record as it reached its highest ever level of approximately US$649 billion as of Apr.5, the Reserve Bank of India (RBI) said in its latest report.
According to the data released by the bank on Apr. 12, the country’s forex saw an increase of US$2.98 billion. Foreign exchange reserves, also called Forex are the foreign-currency deposits held by nationals and monetary authorities. It also includes gold reserves, special drawing rights (SDRs) and International Monetary Fund Reserve position.
The surge in forex reserves during the reporting week came after the recent increase gold reserves, which saw an increase of US$2.398 billion. Gold reserves expanded by US$2.4 billion, reaching US$54.56 billion.
Additionally, foreign currency assets (FCAs) experienced a notable rise of US$549 million. According to the RBI’s Weekly Statistical Supplement, the surge in
FCAs to US$571.17 billion included the impact of fluctuations of non-US currencies like the euro, pound, and yen.
The rise in Special Drawing Rights (SDRs) by US$24 million to US$18.17 billion and Reserve Position in the IMF by US$9 million to US$4.67 billion further contributed to the record-high reserves.
Forex reserves, are like a financial safety net for a country. It is held by a country’s central bank, to help ensure stability in its economy. India also has the fourth-largest forex reserve in the world, after China, Switzerland, and Japan.
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