India’s growth outlook is supported by robust domestic engines: RBI
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
India’s forex reserves increased by USD 1.994 billion to USD 419.992 billion for the week ended May 24 on swelling up of the core currency assets, the Reserve Bank said Friday.
The overall reserves had declined by USD 2.05 billion to USD 417.99 billion in the previous reporting week. The reserves had touched an all-time high of USD 426 billion in April 2018.
In the reporting week, foreign currency assets, which are a major component of the overall reserves increased USD 1.991 billion to USD 392.188 billion, the apex bank said.
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Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the reserves.
Gold reserves remained unchanged at USD 23.021 billion, according to the data.
The special drawing rights with the International Monetary Fund increased USD 0.8 million to USD 1.445 billion.
The country’s reserve position with the fund also increased USD 2 million to USD 3.336 billion.
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