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India’s foreign exchange reserves rose by $4.84 billion to $702.78 billion in the week ended June 27, the Reserve Bank of India (RBI) said on Friday, July 4.In the previous week, reserves had declined by $1.01 billion to $697.93 billion. The reserves remain just below the record high of $704.89 billion reached in late September 2024. Foreign currency assets, the largest component of the forex reserves, reflect the impact of movements in non-US currencies such as the euro, pound and yen, the RBI said.Gold reserves fell by $1.23 billion to...

Home NewsWhy is so much money suddenly coming to India from THESE countries, and who is sending it? There has been an increase in AED-INR transactions since June 19. Officials at currency exchange houses say NRIs are no longer waiting for further depreciation. Image for representational purposes New Delhi: Due to the depreciation of the Indian rupee, the Indians living in the Gulf countries like the United Arab Emirates (UAE) and Saudi Arabia have increased remittances back to India. It is important to note that the rupee has weakened against...

India’s foreign exchange reserves rose by $2.294 billion to $698.95 billion for the week ended June 13, the Reserve Bank of India (RBI) said on Friday, marking the second consecutive weekly increase.This follows a $5.17 billion jump in the previous week ended June 6. The country’s forex reserves had hit a record high of $704.885 billion in late September 2024. The latest increase was driven primarily by a rise in foreign currency assets, which grew by $1.739 billion to $589.426 billion. These assets include the effects of changes in the...

Over the weekend Niti Aayog CEO BVR Subrahmanyam declared that India had overtaken Japan to become the fourth-largest economy in the world. He based this claim on data from the International Monetary Fund (IMF).This claim reportedly led to two fairly divergent reactions.First, a wave of self-congratulation among Indians who take this particular detail as a clinching argument that the government of the day has brought about a fundamental improvement in India’s economy.Second, an examination of the claim and a counter-assertion, again based on IMF data, that India is still the...