71 The Reserve Bank of India (RBI) announced a substantial increase in India’s forex reserves for the week ending March 1, with a jump of $6.55 billion to reach $625 billion. This surge marks a notable rise from the previous week’s figures, as reported by RBI data, where reserves had climbed by $2.975 billion to $619.072 billion. In October 2021, India had hit an all-time high of $645 billion in forex reserves, but experienced a decline as the central bank utilized the reserves to stabilize the rupee amidst global economic pressures. The data further indicates that foreign currency assets, a significant component of the reserves, rose by $6.043 billion to $554.231 billion for the week ended March 1. These assets are subject to fluctuations due to changes in the value of non-US currencies like the euro, pound, and yen. Additionally, gold reserves saw an increase of $569 million to reach $48.417 billion during the same period. However, Special Drawing Rights (SDRs) witnessed a slight decrease of $17 million to $18.18 billion, while India’s reserve position with the International Monetary Fund (IMF) decreased by $41 million to $4.798 billion. The continual surge in India’s forex reserves underscores the country’s economic resilience and stability on the global stage. Against the backdrop of economic challenges faced by many Western nations, India’s economy has shown robust growth, with the GDP expanding by 8.4 percent in the last quarter, surpassing earlier forecasts. You Might Be Interested In Capital Economics: Despite Ras El Hikma Deal, Egypt Requires IMF Support NRG Energy Repurchases $251 Million of Convertible Senior Notes Rishi Sunak’s Emulation of US Economic Model Raises Concerns Amidst Potential Financial Crisis Community Development Alliance Showcases Quality, Entry-Level Homes August data on retail, industrial production, RRR cut Major shipping routes are struggling with water shortages. El Niño could make it worse
