Forex Reserves climbs to an all-time high of $689.24 billion

[kaykay11]

Forex Reserves climbs to an all-time high of $689.24 billion - Times of India

India Business News: India's foreign exchange reserves have climbed to a record USD 689.235 billion, increasing by USD 66 billion this year. The Reserve Bank of India over

timesofindia.indiatimes.com

NEW DELHI: India's foreign exchange reserves have been on an upward trajectory lately, reaching multiple record highs in recent months. The forex reserves reached $689.235 billion on September 6 after increasing $5.2 billion from a week earlier, as per the recently released data by the Reserve Bank of India.
India's foreign currency assets (FCA), the largest component of the forex reserves, reached $604.1 billion after increasing $5.1 billion from a week earlier. Additionally, the country's gold reserves are presently at $61.988 billion.
Current projections indicate that India's foreign exchange reserves are sufficient to cover approximately one year's worth of projected imports. In the year 2023, India has added around $58 billion to its foreign exchange reserves. However, the previous year, 2022, saw a total decline of $71 billion in the country's forex reserves.

Foreign exchange reserves, also known as FX reserves, are assets maintained by a country's central bank or monetary authority. These reserves are typically held in reserve currencies, with the US Dollar being the most common, followed by the Euro, Japanese Yen, and Pound Sterling. Forex acts as a buffer to safeguard, protecting the domestic economy from global economic turbulence.

 

[Circadian Rhythm]

By Diwali , ie October end , we can be sure of this figure touching 700 BILLION USD

 

[Pingle]

By Diwali , ie October end , we can be sure of this figure touching 700 BILLION USD

This is what I would love to watch its crossing 700 billion mark since last 2 years it's not able to exceed 600 billion numbers....

 

[Thinking]

It is also pushing Rs on a downward trajectory. So, even after 11-12% nominal growth, Indian economy is barely moving in dollar terms. Thanks to RBI, we have yet to hit 4 trillion USD mark.

 

[Vikramaditya1]

It is also pushing Rs on a downward trajectory. So, even after 11-12% nominal growth, Indian economy is barely moving in dollar terms. Thanks to RBI, we have yet to hit 4 trillion USD mark.

Growth will slow down as you add a trillion each time.

 

[Archie]

India has 690 billion USD

and we see some countries going to IMF for 5-7 billion USD

 

[Thinking]

Growth will slow down as you add a trillion each time.

Indian growth has not "slowed" down, atleast not the nominal growth. I am talking about growth in dollar. Thanks to weakening of Rs at insane rate (all thanks to RBI), no matter how much we grow in Rs, we remain the same in Dollar.

 

[harpy1]

690, billion dollars is the fifth largest reserve in the world
Not bad for country supposed to be full of slums

 

[sentry]

Indian growth has not "slowed" down, atleast not the nominal growth. I am talking about growth in dollar. Thanks to weakening of Rs at insane rate (all thanks to RBI), no matter how much we grow in Rs, we remain the same in Dollar.

Where is Indian rupee weakening? RBI said the rupee comfort zone is between 80 and 85. We are still there for over 2 years. Look at the neighborhood during the same time.

 

[Thinking]

Where is Indian rupee weakening? RBI said the rupee comfort zone is between 80 and 85. We are still there for over 2 years. Look at the neighborhood during the same time.

What does it even mean? Comfort zone? Go check the value of Rs vs Dollar in 2024, 2019 and 2024. Slide is insane. All thanks to RBI buying dollar and not allowing Rs to appreciate.

It's not like India is benefitting from weak Rs. We barely export! What's the idea behind sitting on 700 billion USD reserve? What does it even do? India needs to boost it's manufacturing. Then reserves would grow on its own!

 

[AjayGhatak]

It is also pushing Rs on a downward trajectory. So, even after 11-12% nominal growth, Indian economy is barely moving in dollar terms. Thanks to RBI, we have yet to hit 4 trillion USD mark.

India wants to become an export hub. Its clear RBI wants to keep rupee lower.

 

[sentry]

What does it even mean? Comfort zone? Go check the value of Rs vs Dollar in 2024, 2019 and 2024. Slide is insane. All thanks to RBI buying dollar and not allowing Rs to appreciate.

It's not like India is benefitting from weak Rs. We barely export! What's the idea behind sitting on 700 billion USD reserve? What does it even do? India needs to boost it's manufacturing. Then reserves would grow on its own!

Are you an RBI governor? Or do you think RBI governors are stupid and need to get knowledge from you? India had to slide rupee down mostly after the covid outbreak eventhough we were in better shape because we still needed to be competetive relative to our competitors. Most of their currencies got devalued considerably more because of the considerable printing for freebies. We had to keep our competencies as well and not loose out to competition. So we built up reserves while still keeping our export competencies.