November 22, 2024
India’s Forex Reserves Soar To Record High Of 2.3 Billion #IndiaFinance

India’s Forex Reserves Soar To Record High Of $692.3 Billion #IndiaFinance

CashNews.co

For the week ended Sept. 13, foreign currency assets—a major component of the reserves—rose $2.06 billion to $605.69 billion, according to the data.

In dollar terms, foreign currency assets include the effect of the appreciation or depreciation of non-US units like the euro, pound and yen held in foreign exchange reserves.

Gold reserves increased $726 million to $63.6 billion during the week.

India remains the fourth-highest foreign exchange reserve holder in the world. The reserves are equivalent to around 11 months of imports projected for the current financial year and about 99% of total external debt outstanding at the end of March, the central bank said in its July bulletin.