India’s forex reserves increased by $5 billion, reaching a total of $641 billion
India’s foreign exchange reserves rose by $4.8 billion to reach $640.5 billion in the week ending Feb 21, according to the Reserve Bank of India (RBI) , reported timesofindia.indiatimes.com.
This comes after a drop of $2.5 billion in the previous week, bringing the reserves down to $635.7 billion. The rise in reserves is attributed to various factors, including revaluation and the RBI’s interventions in the forex market to reduce rupee volatility.
Despite several weeks of decline, India’s forex reserves are now showing signs of recovery, still far from the record high.
India’s forex reserves had hit an all-time high of $704.9 billion in September 2024. The recent increase in reserves reflects ongoing efforts to stabilize the rupee amid global financial fluctuations.
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