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Despite the global turmoil, India's foreign exchange reserves are growing rapidly and as per reports, it may touch the $700 billion mark in FY 2024-25 sooner than expected.
Jefferies report
According to global investment firm Jefferies, India's foreign exchange reserves are currently at a record level and can increase by $53 billion to reach $700 billion in the financial year 2024-25. The rupee is now one of the most stable currencies in the world.
RBI data
According to RBI's weekly data till September 6, India's foreign exchange reserves have increased by $ 5.2 billion to $ 689.24 billion in a week. During this period, foreign currency with the central bank has increased by $ 5.10 billion to $ 604.1 billion.
Contribution of foreign investment
The reserves are increasing due to continuous investment by foreign investors in India. Last week, FPIs bought Rs 16,800 crore, and have invested Rs 27,856 crore since the beginning of this month.
future possibility
The report also says that due to the reduction in global inflation, a reduction in interest rates is possible. Due to this effect, RBI can also reduce interest rates in the coming quarters.
