Advertisement
Categories: NewsWorld

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.

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
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.

Recent Posts

Spielberg Directs New UFO-Themed Film ‘Disclosure Day’

Steven Spielberg has described his upcoming alien movie, Disclosure Day, as offering more truth than…

12 minutes ago

Why PHEVs — Not EVs — Are Winning the First Round of Electrification in Emerging Markets

As global momentum around electric vehicles (EVs) accelerates, a different reality is taking shape across…

44 minutes ago

Shehbaz Sharif Arrives in Türkiye Post-Qatar Visit for Diplomacy Forum

Prime Minister Shehbaz Sharif arrived in Antalya, Türkiye on an important official visit following his…

1 hour ago

Cuba Ready for Possible US Attack Amid Trump Pressure, Says President Diaz-Canel

Cuban President Miguel Diaz-Canel stated on Thursday his nation is prepared for a potential US…

1 hour ago

Govt Enforces 8pm Closing Time for Islamabad Shops, Exemptions Apply

New business hours introduced in Islamabad The government has issued a notification mandating that all…

2 hours ago

Trump’s Iran Military Action Blocked in House Vote as War Approaches Third Month

Washington, D.C. - The latest House vote to block President Trump from further military action…

3 hours ago