India's forex reserves increased by $816m to $653.71bn, supporting strong economic fundamentals and balancing the rupee.

India's foreign exchange (forex) reserves rose by $816 million to $653.71 billion in the week ending June 21, as reported by the Reserve Bank of India (RBI). The increase reflects strong economic fundamentals and aids in stabilizing the rupee during volatile periods. India's current account deficit decreased to $23.2 billion (0.7% of GDP) in 2023-24 from $67 billion (2% of GDP) during the previous year, while exports of goods increased over 9% in May, contributing to a stronger balance of payments position.

June 28, 2024
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