India's foreign exchange reserves have hit an all-time high, reaching 2.63 billion as of March 22, 2024, according to the latest data from the Reserve Bank of India (RBI). This marks the fifth consecutive week of increase in reserves, with a 0 million boost compared to the previous week.
The previous peak was in September 2021 at 2.45 billion. The increase comes despite a slight dip in foreign currency assets to 8.26 billion. Gold reserves saw a rise to .49 billion, while special drawing rights (SDRs) decreased to .22 billion. India's reserve position with the International Monetary Fund (IMF) also decreased slightly to .66 billion.
The rupee closed the week at 83.40 against the US dollar. Anil Kumar Bhansali, from Finrex Treasury Advisors LLP, expects the rupee to remain within a certain range, with exporters likely to sell at current levels and importers looking to buy on dips for hedging purposes.