August 24, 2024 12:12 PM

India’s foreign exchange reserves rose USD 4.5 billion to reach USD 674.7 billion

India's foreign exchange reserves increased by USD 4.546 billion, reaching USD 674.664 billion, just below their all-time high, during the week ending August 16, according to data released by the Reserve Bank of India (RBI) on Friday. The previous record high was USD 674.919 billion. The reserves have been fluctuating for some time. In 2024 alone, they have risen by approximately USD 45-50 billion cumulatively. This buffer of foreign exchange reserves helps insulate domestic econom...