New Delhi: India has achieved a significant milestone. Its foreign exchange reserves have crossed the $700 billion mark for the first time, putting it in the league of China, Japan, and Switzerland, which have also surpassed this impressive number.
Moreover, investors remain confident in India’s growth story despite geopolitical uncertainties. According to Reserve Bank of India (RBI) data released on Friday, the country’s foreign exchange reserves surpassed $700 billion for the first time, reaching $704.89 billion in the week ending September 27.
The foreign exchange market rose by $12.59 billion this week, the most since mid-July 2023.
With this, India joins only three other countries – China, Japan, and Switzerland – that have exceeded $700 billion in reserves.
According to the central bank, foreign currency assets (FCAs) rose by $10.4 billion to $616 billion, and gold reserves rose by $2 billion to $65.7 billion.
According to the RBI’s Weekly Statistical Supplement, Special Drawing Rights (SDRs) increased by $8 million to total $18.547 billion. The country’s reserve position in the International Monetary Fund (IMF) decreased by $71 million this week to $4.3 billion.
This year’s foreign inflows into the country totalled $30 billion, a promising figure. Looking ahead, India’s foreign reserves are expected to increase further, bringing a wave of optimism. India’s robust forex will not only accelerate its economic growth but also enhance its international position, attract more foreign investment, and promote domestic trade and industry.
Despite global economic headwinds and growing geopolitical risks, India’s foreign reserves are at all-time highs, a testament to the country’s economic resilience. The rupee, now the most stable currency among major economies, provides a sense of reassurance and confidence. The country is now seeing high domestic flows, and FPI flows into debt markets have also increased. Positive FPI flows have contributed to the country’s record forex levels, strengthening the external industry and enhancing the economy overall. The large foreign exchange reserves will give the RBI more flexibility in monetary policy and currency management.
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–IANS
