India’s Forex Reserves Near $700 Billion Mark Amidst Market Milestones

New Delhi: India continues to make history in the stock market, with both the Sensex and Nifty gaining international attention. In tandem with this stock market success, India’s foreign exchange reserves are also on a record-breaking trajectory. Currently, the country’s forex reserves stand just $8 billion shy of the impressive $700 billion milestone.

Experts anticipate that India could surpass the $700 billion mark in the coming weeks, fueled by consistent growth in foreign exchange reserves over the past six weeks. During this period, the reserves have seen an increase of approximately $22 billion. As of the week ending September 20, India’s foreign exchange reserves rose by $2.84 billion, reaching a new all-time high of $692.30 billion. This follows a previous week where the reserves had increased by $223 million, bringing the total to $689.46 billion.

According to data released by the Reserve Bank of India (RBI) on Friday, a significant portion of the forex reserves—foreign currency assets—also experienced growth, rising by $2.06 billion to reach $605.69 billion as of the week ending September 20. This upward trend in forex reserves reflects the country’s economic resilience and growth prospects, contributing positively to investor sentiment and market stability.

As India stands on the brink of achieving this milestone, the implications for the economy are significant, bolstering confidence among investors both domestically and internationally.