India’s Foreign Exchange Reserves Skyrocket to a Staggering $670.86B on July 19 – An Unprecedented Milestone!
India’s foreign exchange (Forex) reserves have climbed for the third consecutive week, reaching an unprecedented high of $670.86 billion as of July 19, according to Reserve Bank of India (RBI) data released on Friday. This week’s $4 billion surge follows a cumulative increase of $14.9 billion over the previous two weeks.
The RBI also reported a significant improvement in India’s Current Account Deficit (CAD), which decreased to $23.2 billion (0.7 percent of GDP) during the fiscal year 2023-24, down from $67.0 billion (2.0 percent of GDP) in the prior year. The reduction in CAD is attributed to a lower merchandise trade deficit, underscoring a robust external balance position.
Further corroborating this trend, the RBI data revealed that India’s CAD posted a surplus of $5.7 billion (0.6 percent of GDP) for the January-March quarter (Q4) of 2023-24. This is a marked improvement from the $8.7 billion deficit (1.0 percent of GDP) recorded in the preceding October-December quarter of the same fiscal year.
These developments signal a strengthening of India’s external economic stability, reflecting positive trends in foreign reserves and current account metrics.
Original Story https://www.newsonair.gov.in/indias-foreign-exchange-reserves-surge-to-all-time-high-of-670-86b-as-of-july-19/
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