India’s foreign exchange reserves witnessed a substantial increase, reaching USD 653.966 billion by March 7, 2024, after the Reserve Bank of India (RBI) executed a USD 10 billion forex swap. The surge amounted to USD 15.267 billion, with notable increments in foreign currency assets and gold reserves, although the reserve position with the IMF experienced a slight decline. This spike represents the most significant weekly rise in more than two years, reflecting a positive trend in India’s economic outlook.
India’s forex reserves jump to $653.966 billion with RBI’s $10 billion swap, largest increase in two years.
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