India’s foreign exchange reserves reached an all-time high of $666.9 billion for the week ended July 12, the Reserve Bank of India data showed on Friday. The forex kitty rose by $9.7 billion over the previous reporting week.
The forex stock had recovered after hitting a low of $524.5 billion in October 2022, as the central bank replenished its kitty amid solid overseas inflows.
Foreign investors have pumped in Rs 1.3 lakh crore into the country’s debt and equity markets so far this year, according to data from the National Securities Depository Ltd. The capital flow has mostly gone into the domestic debt market, while equities have seen lower inflows.
For the week-ended July 12, foreign currency assets—a major component of the reserves—rose by $8.3 billion to $585.4 billion, RBI data showed.