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Reserve Bank of India Data Shows Forex Reserves Hit Record $725.72 Billion
Forex Reserves: India's foreign exchange reserves have risen by $8.66 billion to a historic high of $725.72 billion, according to the latest data from the Reserve Bank of India. Read the full business and tech news.
There are positive signs that the Indian economy is moving in the right direction, at least in two areas. While the latest data put out by the Reserve Bank of India confirmed that India's foreign exchange reserves had hit an all-time high of $725.72 billion, India's emerging technological talent pool grabbed global attention at the recently concluded 'India AI Impact Summit'.
According to official data released by the RBI on Friday, India's foreign exchange reserves recorded a strong increase of $8.66 billion in the week ended February 13, reaching a new historic peak of $725.72 billion. Previously, it had touched an all-time high of $723.77 billion in January. However, it fell by $6.71 billion in the previous week, ending February 6, to $717.06 billion. This record increase in foreign exchange reserves is primarily driven by the following components:
Foreign Currency Assets: This is the largest component of the reserves, increasing by $3.55 billion to $573.60 billion in the week ended February 13. Expressed in dollar terms, this asset also includes the impact of fluctuations in the value of non-US currencies such as the euro, pound, and yen.
