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

NDMA Conducts Nationwide Search and Rescue Drill Amid Monsoon Risks

National Disaster Management Authority Conducts First Nationwide Search and Rescue Drill The National Disaster Management…

3 minutes ago

Maryam Nawaz Calls Emergency Meeting Over Punjab’s Crime Surge

Punjab Chief Minister Maryam Nawaz held an emergency meeting on Wednesday after noticing a sudden…

10 minutes ago

Mobilink Bank’s WIN Incubator Leads Pakistan’s DEI Agenda, Graduates 18 Women-Led Startups

Islamabad, April 22, 2026: Reinforcing its position as a leader in Diversity, Equity, and Inclusion…

2 hours ago

Karachi, Lahore Airports Get Modern ATC Systems for Safety & Efficiency

Pakistan's Airports Authority announces plans to install advanced air traffic control systems at Karachi and…

2 hours ago

IMF Consultations Shape Pakistan’s FY27 Budget in Early June

Pakistan's federal budget for fiscal year 2026-27 is set to be presented in the first…

2 hours ago

6 Crew Members Missing After U.S.-Flagged Ship Overturns Near Northern Mariana Islands During Typhoon

U.S. Air Force divers used an underwater remotely operated drone to recover one of six…

3 hours ago