Foreign exchange reserves at an all-time high of $675 billion!!!

The country's foreign exchange reserves have reached an all-time high. In the week ending on august 2, 2024, the foreign exchange reserves have reached a historic high of $675 billion for the first time. In the first week, the foreign exchange reserves were $667.38 billion.

RBI governor Shaktikanta Das informed about the foreign exchange reserves reaching an all-time high after the 50th Monetary Policy Committee meeting. The RBI governor said, India's foreign exchange reserves have reached a historic high of $675 billion on august 2, 2024. That is, between July 26 and august 2, there has been an increase of about $8 billion in foreign exchange reserves. In the week ending on July 26, 2024, the foreign exchange reserves were $667.38 billion.

RBI governor said, overall India's external sector remains dynamic as the main indicators are continuously improving. He said, we are confident that we will be able to meet our external financing needs with great comfort.

The RBI governor said that foreign portfolio investors have bought $ 9.7 billion in the domestic market from june 2024 onwards between june and august 6, while an outflow of $ 4.2 billion was seen during april and May. He said that foreign direct investment has also increased during 2024-25 and gross FDI has jumped 20 per cent during April-May 20254, while net FDI has doubled compared to the same period last year.

Earlier, after the three-day meeting of the 50th Monetary Policy Committee of RBI, governor Shaktikanta Das gave information about the decisions taken and said that the repo rate has been kept at 6.50 percent. In the six-member MPC, four members voted to keep the repo rate at the current level while two members were in favor of reducing the repo rate.