New Delhi: India’s foreign exchange reserves reached a new peak of $675 billion on August 2, according to Reserve Bank of India Governor Shaktikanta Das.
The prior record was $670.857 billion on July 19, with the most recent figure being $667.386 billion as of July 26.
Governor Das remarked that the nation’s external sector continues to show resilience, as evidenced by the improvement in key indicators.
“Confidence in fulfilling our external financial obligations remains strong,” he stated following the monetary policy review.
Das noted that from June 2024, foreign portfolio investors became net purchasers in the domestic market, with net inflows of $9.7 billion from June to August 6, reversing the outflows of $4.2 billion seen in April and May.
Gross FDI increased by over 20% in April-May 2024, and net FDI inflows during this period were double those of the same period last year, he added.
While external commercial borrowings by Indian companies slowed, non-resident deposits saw an increase in April-May.
As of July 26, the RBI’s gold reserves were valued at $57.695 billion, with the next update expected on Friday, August 8.
