India's Forex reserves up by USD 20 bln cumulatively in 2024

New Delhi: India's foreign exchange reserves rose about USD 20 billion, on a cumulative basis, in 2024 so far, hitting a record high. Last week, the reserves rose for the fifth straight week to hit a fresh all-time high of USD 642.631 billion, as per the latest data released by the Reserve Bank of India (RBI). In the week that ended on March 22, India's foreign currency assets (FCA), the biggest component of the forex reserves, though, declined by USD 123 million to USD 568.264 billion, the central bank's weekly statistical data showed.

Gold reserves during the week rose from USD 347 million to USD 51.487 billion. In the calendar year 2023, the RBI added about USD 58 billion to its foreign exchange kitty. In 2022, India's forex kitty slumped by USD 71 billion cumulatively. Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation's central bank or monetary authority. (ANI)

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