India's Forex Reserves Hit All-Time High of $729.3 Billion After RBI's Steps to Attract Capital
The Reserve Bank of India said nearly $73 billion flowed in under new measures, including about $65 billion from non-resident Indian deposits.
- India's foreign exchange reserves climbed to a record $729.33 billion for the week ending Aug 21, the Reserve Bank reported Friday, driven by persistent inflows from regulatory measures.
- The Reserve Bank received nearly $73 billion through regulatory measures since early June, including about $65 billion from non-resident Indian deposits, incentivizing banks to boost dollar inflows.
- For the week ended Aug 21, reserves jumped $12.4 billion, led by a $9.5 billion gain in foreign currency assets and a $2.8 billion increase in gold holdings.
- While the Rupee recovered about 1.7% from lows hit in May, the Reserve Bank faces an annual "carry cost" of around $5.7 billion to maintain these programs.
- Governor Sanjay Malhotra unexpectedly brought forward the diaspora deposit program's closure, citing stronger-than-expected flows, as the Reserve Bank manages balance-of-payments pressures.
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Ommcom NewsIndia’s forex reserves hit record $729.3 billion on strong dollar inflows
India’s foreign exchange reserves surge to an all-time high of $729.3 billion, driven by robust overseas deposits and giving RBI more room to support the rupee.
India's forex reserves hit all-time high of $729.33 billion after $12.42 billion jump
India's foreign exchange reserves reached an all-time high of $729.328 billion. This surge marks eight consecutive weeks of significant increases in reserves. Foreign currency assets and gold holdings were the primary drivers of this substantial rise. Measures to attract overseas dollar inflows contributed to the record accumulation of reserves. The Reserve Bank of India's interventions also played a role in managing these inflows.
India's forex reserves hit all-time high of $729.3 billion after RBI's steps to attract capital
Steps taken by RBI in early June hel avert what could have been an unprecedented third year of a deficit in India’s broadest measure of money flowing in and out of the economy.
India's Forex Reserves Jump USD 12.42 Billion in a Week to USD 729.33 Billion: RBI
Get latest articles and stories on Business at LatestLY. India's foreign exchange reserves rose sharply by USD 12.42 billion in the week ended August 21, reaching USD 729.33 billion, according to the latest data released by the Reserve Bank of India (RBI). The surge was driven primarily by a rise in foreign currency assets, while the country's gold reserves also recorded a strong weekly gain. Business News | India's Forex Reserves Jump USD 12.42…
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