The reserves have been on an upward trend for some time. In 2024 alone, they have risen by over USD 60 billion cumulatively. This buffer of foreign exchange reserves helps insulate domestic economic activity from global shocks.
India's foreign exchange reserves increased by USD 7.023 billion, reaching a fresh record high of USD 681.688 billion, during the week that ended on August 23, according to data released by the Reserve Bank of India.
Indian stock market indices Sensex and Nifty were seen inching towards their fresh lifetime highs on the first trading day of the week, driven by a rally in US and fresh foreign portfolio investments
The reserves have been rising on and off for a long time now. So far in 2024, they have risen by about USD 45-50 billion, on a cumulative basis. The buffer of foreign exchange reserves insulates domestic economic activity from global spillovers.
Indian stock indices moved higher as the Friday session progressed and in the process touched a fresh high, triggered by the latest moderation in US inflation, better-than-expected TCS results, and lack of negative market fundamentals.
India's foreign exchange reserves jumped USD 4.307 billion to touch a new lifetime high of USD 655.817 billion during the week that ended June 7, official data from the Reserve Bank of India (RBI) showed.
At 9.19 am, at the time of filing this report, Sensex was 0.2 per cent higher at 75,585 points, after touching an all-time high of 75,679 points soon after the opening bell.
The consistent bull run in Indian stock indices - Sensex and Nifty -- continued through Thursday, and touched fresh highs yet again, reacting to Prime Minister Narendra Modi's assertion that BJP-led alliance is on track to form the government for a record third term.
The market capitalisation of companies listed on BSE has touched a milestone of USD 5 trillion, hitting a fresh high on May 21, exchange data showed on Tuesday.