- NEWS Desk Global
INDIA'S FOREX RESERVES HIT RECORD HIGH
India's foreign exchange reserves rose for a fourth straight week to hit a record high of $642.49 billion as of March 15. The reserves rose by $6.4 billion in the reporting week, after rising $20 billion in the previous three weeks.
The Indian economy is seen growing at 7.6% this year, one of the fastest among major global economies. This helped draw $20.7 billion in overseas equity flows in 2023 and $1.85 billion so far this year. In addition, India's inclusion on global bond indexes has drawn over $10 billion since late September. The Reserve Bank of India (RBI) has chosen to absorb most of these flows to avoid a sharp appreciation in the rupee, adding to its reserves.