- NEW DELHI — India's
foreign exchange reserves stood at $691.5 billion, as of May 30, and are
sufficient to fund more than 11 months of goods imports and about 96 per cent
of external debt outstanding, RBI Governor Sanjay Malhotra said on Friday.
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- For the week ended May 30, the reserves dropped by $1.2
billion to break an 8-week rising trend. India’s foreign exchange reserves had
recorded a robust increase of $6.99 billion to $692.72 billion in the preceding
week ended May 23.
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- Changes in foreign currency assets, expressed in dollar
terms, include the effect of appreciation or depreciation of other currencies
held in the reserves.
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- External commercial borrowings (ECBs) and non-resident
deposits have seen higher net inflows compared to the previous year.
Also read: RBI pegs India’s GDP growth at 6.5 pc for 2025-26
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- The Reserve Bank of India (RBI) Governor said:
"Overall, India’s external sector remains resilient as key external sector
vulnerability indicators continue to improve. We remain confident of meeting
our external financing requirements."
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- The latest RBI data showed that India’s foreign currency
assets (FCA), the largest component of foreign exchange reserves, stood at
$586.167 billion. The RBI releases forex data every Friday.
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- According to RBI data, India’s forex reserves are still
quite close to its all-time high of $704.89 billion, reached in September 2024.
In 2024, the reserves rose by a little over USD 20 billion.
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- Central banks worldwide are increasingly accumulating gold
as a safe-haven asset in their foreign exchange reserves amid uncertainty
created by geopolitical tensions. The gold reserves currently amount to $83.582
billion. The share of gold maintained by the RBI in its foreign exchange
reserves has almost doubled since 2021.
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- A strengthening of the country’s foreign exchange kitty also
helps bolster the rupee vis-a-vis the US dollar.
