India's foreign exchange reserves cover of imports stood at 11.2 months in June 2024

Reserve Bank of India (RBI) has stated in a latest update that at the end of June 2024, foreign exchange reserves cover of imports (on balance of payments basis) stood at 11.2 months (11.3 months at end-March 2024). The ratio of short-term debt (original maturity) to reserves, which was 19.7 per cent at end-March 2024, increased to 20.3 per cent at end-June 2024. The ratio of volatile capital flows (including cumulative portfolio inflows and outstanding short-term debt) to reserves increased marginally from 69.8 per cent at end-March 2024 to 70.1 per cent at end-June 2024. RBI, in its half-yearly report on management of foreign exchange reserves, noted that reserves increased from USD 646.42 billion as at end- March 2024 to USD 705.78 billion as at end-September 2024.

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