forex reserves

July 12, 2024 9:07 PM

India’s foreign exchange reserves hit record high of $657.2 billion

The Reserve Bank of India (RBI) reported on Friday that for the week ending July 5, the nation's forex reserves surged by $5.158 billion, touching an unprecedented $657.155 billion. This figure surpasses the previous record of $655.817 billion set just last month. The steady climb of India's forex reserves has been a consistent trend in 2024, with a cumulative increase of approximately $35 billion since the year's start. Breaking down the components, India's foreign currency assets (FCA), the ...

Fitch Downgrades Bangladesh to ‘B+’; Outlook Stable

Fitch Ratings has downgraded Bangladesh's Long-Term Foreign-Currency Issuer Default Rating on Monday to 'B+' from 'BB-' owing to weakening of Bangladesh's external buffers. The country's forex reserves are down substantially due to continued forex interventions, capital outflows and persistent use of informal channels for remittances. Bangladesh's reserves have fallen by 15% from January 2024 levels to USD18.4 billion, said the agency in a report. Domestic US dollar scarcity has resulted in eff...