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19 Nov 2024
India's foreign exchange reserves soared to a new record of $692.3 billion in the week ending September 20, according to the latest data from the Reserve Bank of India (RBI). The reserves increased by $2.8 billion over the past week, largely driven by a $2 billion rise in foreign currency assets, which now total $605.6 billion.
This significant boost in reserves is attributed to the substantial inflows from foreign investors into the local stock and bond markets. The RBI has likely been absorbing these inflows, maintaining its stance of intervening in the market to curb excessive volatility in the currency rather than targeting specific exchange rate levels.
September has seen foreign investors pouring $10.9 billion into Indian stocks and bonds, marking the highest monthly inflow recorded this calendar year, as per data from the National Securities Depository Limited (NSDL).
During the week ending September 20, the Indian rupee experienced its best performance of the year, appreciating by 0.4% to close at 83.485 per US dollar, according to data from LSEG.
This surge in forex reserves and investor confidence underscores the robust health of India's financial markets and the strong appeal of its economic prospects to global investors.
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