India’s Forex Reserves Increase
India’s foreign exchange reserves (forex reserves) increased to $658.09 billion on November 9, 2024, marking a rise of $1.51 billion after nine weeks of declines. The growth was primarily driven by an increase in foreign currency assets ($2.06 billion) and Special Drawing Rights (SDRs, $22 million). The Reserve Bank of India (RBI) plays a pivotal role in managing these reserves, ensuring stability in market fluctuations. Forex reserves are critical for maintaining economic stability, setting market expectations, and buffering against economic shocks. Analysts predict a positive outlook with RBI’s continued active management.
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