Forex Reserves Increase From $588 Billion At End September 23 To $646 Billion At End March 24

The Reserve Bank of India (RBI) stated in a report that during the half-year period under review, reserves increased from USD 587.71billion as at end-September 2023 to USD 646.42 billion as at end-March 2024. Although both US dollar and Euro are intervention currencies and the Foreign Currency Assets (FCA) are maintained in major currencies, the foreign exchange reserves are denominated and expressed in US dollar terms. On a balance of payments basis (i.e., excluding valuation effects), foreign exchange reserves increased by US$ 32.9 billion during April-December 2023 compared to the reduction of US$ 14.7 billion during April-December 2022. Foreign exchange reserves in nominal terms (including valuation effects) increased by US$ 44 billion during April-December 2023 as against a decrease of US$ 44.6 billion in the corresponding period of the preceding year.

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