New Delhi:
India’s foreign exchange reserves have increased by $ 305 million to $ 654.271 billion in the week ended on March 14. This information has been given by the Reserve Bank of India (RBI). Last week, the country’s foreign exchange reserves increased by $ 15.267 billion in the week ended on March 7. After this increase, it was $ 653.966 billion. This was the biggest lead in two years regarding foreign exchange reserves.
Some credit for the increase in foreign exchange reserves was given by the Reserve Bank of India on February 28 to Forex Swap of $ 10 billion. Under this Forex Swap, the central bank had bought dollars in exchange for money for increasing liquidity and stabilizing the market.
Earlier in September 2024, India’s foreign exchange reserves rose to an all -time high level of $ 704.885 billion.
The country’s gold stores also increased
According to the latest data released by the RBI, a major component of foreign currency reserves in the week ended March 14 has reduced to $ 557.186 billion.
RBI said that gold reserves increased by $ 66 million to $ 74.391 billion during the week. The Reserve Bank said that Special Drawing Rights (SDR) increased by $ 51 million to $ 18.262 billion.
World Bank’s 6.7% GDP growth estimates
According to the Reserve Bank data, this week the IMF has also recorded an improvement in India’s reserved situation, which increased by $ 283 million to $ 4.431 billion.
In addition, the RBI monthly bulletin last month states that the Indian economy will maintain its position as the fastest growing major economy during 2025–26 in challenging and rapidly uncertain global environment.
IMF and World Bank have estimated India’s GDP growth 6.5 percent and 6.7 percent respectively for the upcoming financial year.
(Apart from the headline, this news has not been edited by the NDTV team, it has been published directly from the syndicate feed.)
