India’s foreign exchange (forex) reserves touched a record high of $675 billion on August 2, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday. The previous all-time high had stood at $670.857 billion on July 19 this year, and the last reported reserve was $667.386 billion as on July 26.
Das said overall, the country’s external sector “remains resilient” as indicated by an improvement in key indicators.
“We remain confident of meeting our external financing requirements comfortably,” he said in his statement after the review of the monetary policy.
Das said foreign portfolio investors turned net buyers in the domestic market from June 2024 with net inflows of $9.7 billion during June to August 6, after witnessing outflows of $4.2 billion in April and May.
Gross foreign direct investment (FDI) rose by more than 20 per cent in April-May 2024, while net FDI flows doubled during this period compared to the corresponding period of the previous year, the Governor said.
External commercial borrowings by Indian entities moderated, but non-resident deposits were higher in April-May, he said.
Meanwhile, till July 26, the RBI’s gold reserves stood at $57.695 billion. The latest data is due to be released on Friday, August 8.
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