Foreign exchange reserves cross $ 700 billion!!!
india has created history. For the first time, India's foreign exchange reserves have crossed $ 700 billion. According to RBI data, in the week ended september 27, 2024, with a jump of $ 12.588 billion, the Foreign Exchange Reserves have reached the level of $ 704.885 billion. In the previous week, it was $ 692.29 billion. Due to a huge increase in FPI investment, the foreign currency reserve has reached an all-time high. Apart from india, China, japan and switzerland alone have foreign currency reserves of more than $ 700 billion.
Foreign exchange reserves at all-time high
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india has released the data of foreign exchange reserves on october 4, 2024, according to which it has reached the level of $ 704.885 billion with an increase of $ 12.588 billion in the week ending september 27, 2024. Foreign currency assets have increased by $ 10.46 billion during this period and it has become $ 616.154 billion. In the year 2024, RBI's foreign exchange reserve has seen an increase of more than $ 80 billion.
Strong jump in gold reserve too
After a sharp jump in gold prices, the valuation of RBI's gold reserve has increased and it has increased by $ 2.184 billion to $ 657.96 billion. SDR has increased by $ 308 million to $ 18.54 billion. However, the reserves deposited in the international Monetary Fund have decreased during this period and it has come down by 71 million dollars to 4.38 billion dollars.
Reserves will be 746 billion dollars by march 2026
According to Bloomberg report, bank of America has said that India's foreign exchange reserves will increase to 746 billion dollars by march 2026. This will help RBI in stopping the weakness in the rupee. According to the report, india has sufficient foreign currency reserves as compared to other emerging markets. india is the fourth largest country in the world in terms of holding foreign exchange reserves.