The Indian rupee (INR) appreciated modestly by 0.2 per cent (m-o-m) vis-vis the US dollar in January 2024, RBI stated in its monthly bulletin. Moreover, the INR exhibited the least volatility among major currencies during the month. Meanwhile, as on February 9, 2024 foreign exchange reserves at US$ 617.2 billion stood sufficient to cover for more than 10 months of imports projected for 2023-24 and more than 97 per cent of total external debt outstanding at end-September 2023, RBI noted. India currently holds the fourth largest foreign exchange reserves in the world, up from sixth since the COVID-19 pandemic. Its reserves have increased by US$ 38.8 billion this financial year so far, the second highest among major foreign exchange reserves holding countries.
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