India’s foreign exchange (forex) reserves have soared to a new pinnacle, reaching $648.7 billion for the week ending May 17, as reported by the Reserve Bank of India (RBI). This remarkable achievement marks the third consecutive weekly increase, reflecting India’s robust economic resilience and strategic policy reforms.
The surge in forex reserves is attributed to various factors, including a $3.361 billion rise in foreign currency assets (FCAs) to $569.01 billion. Additionally, gold reserves increased by $1.24 billion to $57.19 billion, while special drawing rights (SDRs) rose by $113 million to $18.16 billion. However, the country’s reserve position in the International Monetary Fund (IMF) decreased slightly to $4.32 billion.
The strengthening of India’s forex reserves is commendable amidst global challenges, highlighting the efficacy of vigilant monetary policies and strategic reforms. Sanjeev Agrawal, President of PHD Chamber of Commerce and Industry, lauded this achievement, emphasizing its positive impact on India’s economic growth trajectory and global standing. He highlighted that bolstered reserves will empower the RBI to effectively manage currency dynamics amid geopolitical uncertainties and fluctuations in global commodity prices.
Amit Goel, Co-Founder and Chief Global Strategist at Pace 360, underscored that the significant increase in forex holdings, primarily driven by the upward revaluation of gold and foreign currency assets, signifies India’s robust economic fundamentals and resilience in the face of global headwinds.
The surge in forex reserves not only reflects India’s economic prowess but also provides a buffer against external shocks, offering stability and confidence to investors and strengthening India’s position in the global economic landscape.
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