India's forex reserves rise by $7.2 billion to reach at 11-month high, nears $600 billion

[kris]

These advances remain quite small when compared with the ubiquity of the US dollar, which is used in around 90 per cent of foreign exchange transactions around the world

Every great change starts with a small step

And with what are you going to pay for your imports? De-dollarisation would be partial, USD will still remain king.

True...
For the time being.

 

[NG Missile Vessels]

India’s forex reserves edge towards $600 billion, hit near 1-year high

MUMBAI (Reuters) – India’s foreign exchange reserves rose for a third consecutive week and stood at $599.53 billion for the week ended May 12, their highest level since early June, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

That is an increase of $3.55 billion from the previous week. Reserves had risen by a total of $11.7 billion in the prior two weeks.

The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee. Changes in forex reserves also stem from valuation gains or losses.

The bullish outlook on the rupee that several foreign banks have is facing a tough test from the RBI’s persistent intervention to shore up reserves, Reuters had reported earlier this week, citing treasury officials and economists.

India's forex reserves edge towards $600 billion, hit near 1-year high - Times of India

India Business News: MUMBAI: India's foreign exchange reserves rose for a third consecutive week and stood at $599.

m.timesofindia.com

 

[madsenax]

It's impressive to see India's forex reserves reaching an 11-month high, nearing $600 billion. This reflects strong economic management and resilience, crucial in today's uncertain global economic climate. Despite recent rupee challenges against the dollar, ongoing interventions aim to maintain stability. Looking forward to how these developments will shape India's economic outlook in the coming months.