India's forex reserves reached an all-time high of $666.85 billion on July 12, driven by a 4-fold increase in NRI inflows.

India's foreign exchange (forex) reserves reached an all-time high of $666.85 billion on July 12, according to the Reserve Bank of India (RBI). The surge in forex reserves can be attributed to a 4-fold increase in forex inflows from NRIs, which reached $2.7 billion in April-May this year compared to $0.6 billion in the same period last year. Total NRI deposits as of May have risen to $154.72 billion. The growth in forex reserves reflects the strong fundamentals of India's economy and provides the RBI with more headroom to stabilize the rupee.

July 18, 2024
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