India's Foreign Exchange Reserves Reach All-Time High
According to Reserve Bank of India data, the country's reserves rose to $729.33 billion, surpassing the record set in February.
According to data released by the Reserve Bank of India (RBI), the country's foreign exchange reserves saw a significant increase in the week ending August 21, setting a new record. Total reserves rose by $12.4 billion to reach $729.33 billion.
Record Increase in Reserves
According to the latest data released, the foreign exchange reserves of the Reserve Bank of India increased by $12.4 billion in the week ending August 21. With this increase, total reserves reached $729.33 billion, hitting an all-time high.
This figure surpassed the previous record level of $728.5 billion recorded in February, marking a turning point for the country's financial indicators.
Capital Inflows and Measures
The measures taken by the central bank at the beginning of June, including a special deposit program aimed at non-resident citizens, began to show an effect. As a result of the decisions taken, a total of $72.8 billion in capital inflows was secured up to August 21.
These capital inflows brought about an unprecedented situation in India's broad indicator measuring the flow of money in and out of the economy, helping to prevent a deficit for the third consecutive year.
Global Reserves Ranking
When comparing global foreign exchange reserves, China ranks first with a size of $3.4 trillion.
China is followed by Japan with $1.2 trillion and Switzerland with $953.5 billion, while Switzerland is followed by India and Russia at around the $720 billion level.