India's Forex Reserves Hit Record High of USD 675 Billion

India's forex reserves hit a record high of USD 675 billion on August 2, according to Reserve Bank Governor Shaktikanta Das. This surpasses the previous high of USD 670.857 billion on July 19. Foreign portfolio investments have turned positive, and gross FDI surged over 20% in April-May 2024.

India's forex reserves have touched a record level of USD 675 billion on August 2, Reserve Bank Governor Shaktikanta Das announced on Thursday.

The new record surpasses the previous high of USD 670.857 billion set on July 19, with the last reported figure standing at USD 667.386 billion as of July 26.

Governor Das highlighted that the external sector remains resilient, with foreign portfolio investments turning positive and gross foreign direct investment rising over 20% in April-May 2024.

He asserted confidence in meeting external financing requirements comfortably following a monetary policy review.