Foreign Exchange Reserves: India’s foreign exchange reserves have declined recently, falling by $4.8 billion to $670.12 billion on August 9, 2024. Despite this decline, the country’s foreign exchange reserves remain at a high level. Last week, on August 2, the reserves had reached a historical high of $675 billion.
According to data released by the Reserve Bank of India (RBI), foreign currency assets (FCA), an important component of the foreign exchange reserves, fell by $4.079 billion to $587.9 billion on August 9. FCA is the part that reflects holdings in foreign currency and is a key indicator of the country’s international financial position.
The RBI also informed that the reserve value of the country’s gold reserves fell by $860 million to $59.23 billion on August 9. However, during this period, the Special Drawing Rights (SDR) increased by $ 121 million to $ 18.28 billion. Apart from this, India’s reserve in the International Monetary Fund (IMF) increased by $ 18 million to $ 4.63 billion.
RBI Governor Shaktikanta Das confirmed the record level of the country’s foreign exchange reserves till August 2, 2024, in a press conference after the Monetary Policy Committee (MPC) meeting, which reflects the strong performance of the external sector. This indicates that the country’s economy is still moving in a stable and positive direction, despite the decline in some components.