Sunday, April 27, 2025
-Advertisement-

India’s Forex Reserves Soar to Record High, Hits $648.70 Billion

- Advertisement -

India’s foreign exchange reserves have surged for the third consecutive week, reaching an unprecedented high of $648.70 billion as of May 17, according to data released by the central bank on Friday.

In the span of one week, the reserves experienced a substantial increase of $4.55 billion, marking the most significant jump in two months. Over the past two weeks combined, they grew by a total of $6.23 billion.

- Advertisement -

The Reserve Bank of India (RBI) actively intervenes in the foreign exchange market to stabilize the rupee and prevent excessive volatility.

Fluctuations in foreign currency assets result from the RBI’s interventions and changes in the value of foreign assets held in the reserves. Sources indicate that the RBI is adjusting its approach to managing rupee volatility, with non-deliverable forwards now playing a more prominent role compared to spot market interventions.

India’s foreign exchange reserves also encompass its reserve tranche position in the International Monetary Fund.

During the reported week, the rupee traded within a narrow range of 83.3250 to 83.5300 against the dollar, recording weekly gains of approximately 0.2%. By the end of the week, the currency settled at 83.0975 against the U.S. dollar, achieving its most significant weekly gain in over five months.

- Advertisement -

Stay updated with the latest and breaking news directly on your mobile phone by joining Headline PK's WhatsApp group!

 

 

Aarav Joshi
Aarav Joshi
Aarav Joshi is a seasoned content writer with a passion for covering worldly and international news stories. His journey in journalism began as a reporter for the BBC, where he honed his skills in researching and crafting compelling narratives. He has also contributed articles to 'The Times of India,' one of India's leading newspapers, delving into diverse topics ranging from politics and economics to culture and human interest stories.

Latest stories

-Advertisement-

Highlights of the Week
Related

Bangladesh marks 54th National Day

As part of ongoing efforts to enhance diplomatic and...

Hajj Visa Chaos: 67,000 Pakistani Pilgrims at Risk Amid SAR2.67 Billion Transfer Dispute

Thousands of Pakistani pilgrims may miss Hajj this year...

Indian Soldier Detained After Border Breach as Pakistan Closes Airspace and Cancels Visas

An Indian Border Security Force (BSF) soldier has been...

PRGMEA Urges Action on EFS Reforms, Tax Policy Reversal, and U.S. Tariff Impact

Federal Minister for Planning, Development and Special Initiatives, Prof....
-Advertisement-
Join our Whatsapp Group for Exclusive News!
Join our Whatsapp Group for Exclusive News!