Posted 3/22/2024, 11:57:05 AM
India's Forex Reserves Surge to All-Time High of $642 Billion
- India's foreign exchange reserves hit a record high of $642.49 billion as of March 15
- Reserves rose by $6.4 billion in the reporting week, after rising $20 billion in previous 3 weeks
- Indian economy seen growing at 7.6% this year, one of the fastest among major economies
- Inclusion on global bond indexes drew over $10 billion in flows since September 2022
- Current level of reserves seen as adequate, providing cover from external volatility
