India's forex reserves continue to grow for three weeks

Forex reserves continue to grow

According to the most recent information from the Reserve Bank of India, India's foreign exchange reserves increased by USD 3.03 billion to USD 576.761 billion in the week ending on January 27.

The reserves increased by USD 1.727 billion during the week ending January 20 to USD 573.727 billion.

To reach USD 44.027 billion, gold reserves increased by USD 316 million.

The RBI's intervention and a rise in the price of imported goods can be held responsible for a large portion of the reduction. The nation's foreign exchange holdings allegedly reached an all-time high of roughly USD 645 billion in October 2021.

The administration stated that the country's foreign exchange reserves are enough and its external debt is manageable in the Economic Survey for 2022–2023, which was presented to the Parliament on January 31.

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