India's Foreign Exchange Reserves breached the 700-billion-dollar mark for the first time ever in the week ending September 27. That's a new record high, with the country's import cover hitting fresh all-time highs repeatedly in recent weeks.

India's Forex Reserves Hit New Record High

India's foreign exchange reserves fell for a second consecutive week and stood at a six-week low of $640.33 billion. The reserves fell by $2.83 billion in the week that ended on april 19, adding to the previous week's $5.4 billion drop.

India: Foreign Exchange Reserves fall to six-week low of $640.33 bn

India's foreign exchange reserves have reached a significant milestone, surging past the $600 billion mark for the first time since May 2022. As of July 14, the forex reserves stood at an impressive $609 billion, marking a 15-month high. This remarkable achievement comes against the backdrop of a notable rise in dollar inflows into the country's economy.

<meta charset="utf-8" />

The reserves witnessed an impressive increase of $12.74 billion from the preceding week, marking the largest weekly gain in four months. This surge can be attributed to two primary factors. Firstly, there was an increase in the U.S. government bonds held by the Reserve Bank of India (RBI), contributing to the rise in reserves. The appreciation of non-dollar currencies played a significant role in bolstering the overall value of India's foreign exchange holdings.

The Reserve Bank of India (RBI) has strategically allocated over two-thirds of its foreign currency assets in U.S. dollars, while the remaining portion is diversified across other major currencies, including the euro, yen, pound, and Chinese renminbi.

Gaura Sen Gupta, an India economist at IDFC Bank, was quoted by Reuters as stating that a significant portion of the week-on-week increase in forex reserves was&nbsp;driven by revaluation gains due to dollar weakness and lower US Treasury yields.

India's foreign exchange reserves have witnessed a remarkable upswing, enabling the country to reinforce its economic stability and resilience. The reserves have now reached a level where they can easily cover 11 months of imports, a significant increase from 9.3 months in December 2022 and just 8.9 months in September 2022. This strengthened position is a testament to India's growing financial strength and its capacity to navigate through global economic fluctuations.

Furthermore, in the past three months, foreign investors have displayed strong interest in Indian shares, acquiring a net of $16 billion, as reported by the National Securities Depository Limited. This surge in foreign investment has provided the central bank with an opportunity to bolster its reserves by making strategic purchases from the market.

India's forex reserves achieved a significant milestone when they first surpassed the $600 billion mark in June 2021, a remarkable feat facilitated by a surge in foreign direct investments flowing into the country.

However, the forex market experienced heightened volatility in the wake of the Ukraine invasion, necessitating the central bank to intervene and stabilise the market by selling dollars. Despite these efforts, the reserves faced challenges due to sharp interest rate hikes in the United States, which impacted the forex market and resulted in a notable reduction in reserves during that period. Despite the temporary setback, India's proactive measures and strong foreign investment inflows continue to navigate through currency fluctuations and economic uncertainty.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

India's foreign exchange reserves have reached a significant milestone, surging past the $600 billion mark for the first time since May 2022. As of July 14, the forex reserves stood at an impressive $609 billion, marking a 15-month high.

India's foreign exchange reserves have reached a significant milestone, surging past the $600 billion mark for the first time since May 2022. As of July 14, the forex reserves stood at an impressive $609 billion, marking a 15-month high. This remarkable achievement comes against the backdrop of a notable rise in dollar inflows into the country's economy. The reserves witnessed an impressive increase of $12.74 billion from the preceding week, marking the largest weekly gain in four months. This surge can be attributed to two primary factors. Firstly, there was an increase in the U.S. government bonds held by the Reserve Bank of India (RBI), contributing to the rise in reserves. The appreciation of non-dollar currencies played a significant role in bolstering the overall value of India's foreign exchange holdings. The Reserve Bank of India (RBI) has strategically allocated over two-thirds of its foreign currency assets in U.S. dollars, while the remaining portion is diversified across other major currencies, including the euro, yen, pound, and Chinese renminbi. Gaura Sen Gupta, an India economist at IDFC Bank, was quoted by Reuters as stating that a significant portion of the week-on-week increase in forex reserves was driven by revaluation gains due to dollar weakness and lower US Treasury yields. India's foreign exchange reserves have witnessed a remarkable upswing, enabling the country to reinforce its economic stability and resilience. The reserves have now reached a level where they can easily cover 11 months of imports, a significant increase from 9.3 months in December 2022 and just 8.9 months in September 2022. This strengthened position is a testament to India's growing financial strength and its capacity to navigate through global economic fluctuations. Furthermore, in the past three months, foreign investors have displayed strong interest in Indian shares, acquiring a net of $16 billion, as reported by the National Securities Depository Limited. This surge in foreign investment has provided the central bank with an opportunity to bolster its reserves by making strategic purchases from the market. India's forex reserves achieved a significant milestone when they first surpassed the $600 billion mark in June 2021, a remarkable feat facilitated by a surge in foreign direct investments flowing into the country. However, the forex market experienced heightened volatility in the wake of the Ukraine invasion, necessitating the central bank to intervene and stabilise the market by selling dollars. Despite these efforts, the reserves faced challenges due to sharp interest rate hikes in the United States, which impacted the forex market and resulted in a notable reduction in reserves during that period. Despite the temporary setback, India's proactive measures and strong foreign investment inflows continue to navigate through currency fluctuations and economic uncertainty. WATCH WION LIVE HERE

India forex reserves reach over $600 billion, hit 15-month high

India's FOREX reserves have been on an upward trajectory, exhibiting a resilient growth pattern. Prior to the week ending May 12, the reserves soared by USD 7.196 billion to USD 595.976 billion. In addition to its foreign currency assets, India’s gold reserves also witnessed a significant increase. During the same week, the gold reserves surged by 38 million to 46.353 billion. This showcases India’s prudent approach to diversifying its FOREX reserves portfolio.

India's FOREX reserves hit 1-yr high, at $600 bn

Pakistan is in the grip of yet another crisis. After food, fuel & forex reserves, the country is running out of medicines. Reports say, medicines like Disprin & Calpol are not available in the market. Molly Gambhir reports.

Gravitas: Medicine shortage grips Pakistan

Pak's forex reserves have dropped to an all-time low but the country's elite are still buying luxury cars worth billions. Molly Gambhir brings you a report on Pak's 'Richie rich' club.

Gravitas: Cash-strapped Pakistan's elite are buying luxury cars

The citizens of Pakistan are facing a double whammy as a crippling economy and peaking political rumbles add to their wars. The South Asian Nation's Foreign Exchange reserves have now dropped to their lowest level since October 2019.

Pak: Higher imports than exports causing plunge in forex reserves, surviving on $7.83 billion

Pakistan’s foreign exchange reserves dropped to their lowest level since October 2019. Sharing a break-up of the foreign reserves position, the central bank said that the reserves held by the State Bank of Pakistan stand at $7.83 billion.

Pakistan's foreign exchange reserves at lowest since October 2019

Amid the ongoing financial crisis in Pakistan, the cash-strapped nation has raised a $1 billion loan through the Sukuk bond at a record 7.95% interest rate to keep forex reserves afloat.

Pakistan raises $1 billion loan through the Islamic bond at a record 7.95% interest rate

The country's foreign exchange reserves crossed the half-a-trillion mark for the first time after it surged by massive $8.22 billion in the week ended June 5, according to the latest data from the Reserve Bank of India (RBI).&nbsp;

The reserves rose to $501.70 billion in the reporting week helped by a whopping rise in foreign currency assets (FCA). In the previous week ended May 29, the reserves had increased by $3.44 billion to $493.48 billion.&nbsp;

In the week ended June 5, FCA, which is a major component of the overall reserves, rose $8.42 billion to $463.63 billion.&nbsp;

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The gold reserves declined by $329 million to $32.352 billion in the reporting week, the RBI data showed.

In the reporting week, the special drawing rights with the International Monetary Fund (IMF) were up by $10 million to $1.44 billion.&nbsp;

The country's reserve position with the IMF also rose $120 million to $4.28 billion during the reporting week, the data showed.

The country's foreign exchange reserves crossed the half-a-trillion mark for the first time after it surged by massive $8.22 billion in the week ended June 5, according to the latest data from the Reserve Bank of India (RBI).

The country's foreign exchange reserves crossed the half-a-trillion mark for the first time after it surged by massive $8.22 billion in the week ended June 5, according to the latest data from the Reserve Bank of India (RBI). The reserves rose to $501.70 billion in the reporting week helped by a whopping rise in foreign currency assets (FCA). In the previous week ended May 29, the reserves had increased by $3.44 billion to $493.48 billion. In the week ended June 5, FCA, which is a major component of the overall reserves, rose $8.42 billion to $463.63 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves declined by $329 million to $32.352 billion in the reporting week, the RBI data showed. In the reporting week, the special drawing rights with the International Monetary Fund (IMF) were up by $10 million to $1.44 billion. The country's reserve position with the IMF also rose $120 million to $4.28 billion during the reporting week, the data showed.

India’s forex reserves jump $8.22 billion; cross half-a-trillion mark for the first time

forex-reserve

Forex Reserve, News on Forex Reserve, stories on Forex Reserve, articles on Forex Reserve, Forex Reserve stories at Wion, Forex Reserve news, Forex Reserve latest news