Mumbai: The country’s foreign exchange reserves have again surpassed $600 billion, with a stable exchange rate and record remittance flows from non-residents, reaching $107 billion in FY2023. The increase in reserves is partly due to US dollar and gold purchases. RBI Partly due to the rising value of non-dollar assets.
Reserves crossed $600 billion for the first time in June 2021, peaked at $642 billion in September 2021, and fell below that level in May 2022. Ukraine intrusion.
Reserves crossed $600 billion for the first time in June 2021, peaked at $642 billion in September 2021, and fell below that level in May 2022. Ukraine intrusion.
Governor of RBI Shaktikanta Das The country’s current account situation improved from 3.7% in the second quarter to 2.2% in the fourth quarter, he said, due to a narrowing commodity trade deficit and strong growth in services exports. “Foreign exchange reserves have recovered from $524.5 billion on Oct. 21, 2022, and are now over $600 billion when forward assets are taken into account,” he said.
India’s services exports continued to grow at a healthy pace in the first two months of 2023.
