The record all-time high level of India’s forex reserves will create external sector resilience and boost economy across sectors, industry experts said on Saturday, as the country’s forex reserves surged $7.023 billion to touch a new high of $681.68 billion in the week ended August 23.
Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry, said that with the support of strategic policy initiatives and a diligent monetary policy stance, the forex has reached a record all-time high, amid global economic headwinds and deepening geopolitical uncertainties.
“This will boost India's economy on a faster development trajectory, strengthening its position internationally, drawing in foreign investments, and promoting domestic trade and industry,” Agrawal noted.
The overall forex reserves had jumped $4.546 billion to $674.664 billion in the previous reporting week. The previous all-time high for the overall reserves was recorded at $674.919 billion as of August 2.
Gold reserves increased by $893 million to $60.997 billion during the week.