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RBI net buys $6.93 billion in July; forex reserve reaches new high

India's foreign exchange reserves expanded by $67 billion so far in 2024, the second highest among major foreign exchange reserves holding countries, after China

The FPIs, which saw the rupee appreciate against their home currencies, accounted for Rs 13.9 trillion in equity assets under custody

Anjali Kumari Mumbai

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The Reserve Bank of India (RBI) purchased a net total of $6.93 billion worth of foreign currency in July. It bought $23.56 billion and sold $16.63 billion of foreign currency in July, according to its monthly bulletin.

The central bank recorded a net sale of $2.10 billion in the spot market in June. It had net bought $3.47 billion in July 2023. In the previous financial year, the RBI bought a net $41.27 billion.

The RBI’s net outstanding forward sales by the end of July stood at $9.10 billion against $15.83 billion in June. The headline foreign exchange reserves, excluding the forward book, stood at $689 billion in the week ended September 13, the data showed.
 

The total foreign reserves rose by $223 million for the week ended September 13 to a new high of  $689.46 billion, on the back of the rise in gold reserves. Foreign currency assets decreased by $515 million. The reserves are equivalent to more than 12 months of imports for 2023-24 and more than 103 per cent of total external debt outstanding at the end of March 2024.

India's foreign exchange reserves have expanded by $67 billion so far in 2024, the second highest after China among major foreign exchange reserves-holding countries.


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First Published: Sep 20 2024 | 7:42 PM IST

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