India's forex reserves hit record high of $670.86 bln as of Jul 19
This story was originally published at 19:36 IST on 26 July 2024
Register to read our real-time news.Informist, Friday, Jul 26, 2024
MUMBAI – India's foreign exchange reserves rose $4.0 bln rupees on week to an all-time high of $670.86 bln rupees as of Jul 19, data released by the Reserve Bank of India showed today.
Market participants said the rise in foreign exchange reserves was primarily on account of the central bank's dollar purchases in the spot market. They said the RBI purchased dollars when the rupee hit 83.55 a dollar in the spot market.
The RBI has been absorbing the foreign fund inflows on account of the inclusion of Indian government bonds in JP Morgan's emerging market bond index, they said. The central bank has been active in the spot market to prevent excessive volatility, according to forex dealers.
Foreign currency assets also rose by $2.58 bln on week to $588.05 bln as of Jul 19. The foreign currency assets include the impact of appreciation or depreciation of non-US units like the euro, pound and yen held in foreign exchange reserves. Gold reserves increased by $1.33 bln on week to $59.99 bln as of Jul 19.
End
US$1 = 83.73 rupees
Reported by Sourabh Kumar
Edited by Saji George Titus
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
