Data Update - Business Outrank

The RBI data indicates that India's foreign exchange reserves (forex) decreased by $4.888 billion to reach $685.729 billion during the week ending May 16. The weekly reduction in forex reserves did not impact the overall position since it stayed near the record high of $704.89 billion established in September 2024. The foreign exchange reserves of India provide a strong import coverage that extends from 10 to 12 months. The foreign exchange reserves experienced a recent decrease because of shifting market conditions both internationally and domestically after eight weeks of steady growth. Foreign currency assets under RBI management continue to support the strategic asset composition with a total value of $581.652 billion. The gold reserves in India's foreign exchange reserves (forex) decreased by $5.121 billion to reach $81.217 billion. The RBI together with other central banks uses gold as a fundamental risk management tool while India has expanded its gold reserves in forex reserves by more than 100% since 2021. The RBI controls Rupee stability through its dollar market operations which involve buying or selling US dollars based on currency market performance. The RBI increased its reserves by $58 billion throughout 2023 and expanded its reserves by more than $20 billion during 2024. The RBI demonstrates robust abilities to manage market volatility and external market pressures.

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