India's foreign exchange reserves reached $644.15 billion on May 10, increasing by $2.56 billion.
India's foreign exchange reserves have surged for a second consecutive week, rising to $644.15 billion as of May 10. The Central Bank of India reported that the reserves increased by $2.56 billion during the week, following a $3.7 billion increase in the previous week. The Reserve Bank of India actively intervenes in the foreign exchange market to stabilize the Indian rupee against excessive volatility, with fluctuations in foreign currency assets influenced by the RBI's interventions and the changing values of foreign assets held within the reserves. Additionally, India's foreign exchange reserves include its reserve tranche position in the International Monetary Fund.
May 17, 2024
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