India Record In Forex Reserves: Crossed 700 Billion Dollar
Delhi/Hyderabad, Oct 5 (Maxim News): A new record has been registered in the reserves of India’s Forex Reserve. For the week ended 27th of last month, the forex reserves increased by 12.5 billion dollars and reached 704.89 billion dollars.
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On the one hand, it is noteworthy that India’s forex reserves have increased in the context of ongoing geopolitical tensions in the Middle East. For the week ended September 27, the RBI said forex reserves increased by $113 billion over the past year. This is the first time that forex reserves have increased by $12.5 billion in a single week. India’s forex reserves are three times the GDP of Pakistan.
While foreign currency assets and gold reserves are growing. Special Drawing Rights are increasing. On the other hand, the International Monetary Fund (IMF) is declining. The RBI has been intervening from time to time to prevent further fall in the value of the rupee against the US dollar in the forex market. The weekend of the 20th of last month, the forex reserves increased to 692.3 billion dollars. Bank of America Securities estimates that India’s forex reserves will cross $750 billion by March 2026. (Maxim News)
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