India’s foreign exchange reserves have climbed to a new peak of $723.774 billion, the Reserve Bank of India (RBI) reported. This marks the highest level of forex reserves the country has ever recorded.
The increase reflects continued inflows from various sources, including trade, foreign investments, and government borrowing. The reserves provide a buffer to support the country’s currency and manage external shocks.
**Why this matters**
High foreign exchange reserves strengthen India’s ability to maintain currency stability and meet international payment obligations. They also enhance investor confidence and provide resources to address economic uncertainties.
Source: NewsData