Mumbai: The Reserve Bank of India’s (RBI) foreign exchange reserves touched a two-year high and rose $6.5 billion to $625 billion in the week ended March 1. At current levels, the reserves are at their highest since March 4, 2022, central bank data showed. Of the $6.5 billion rise, $6 billion are from the central Banks’ foreign currency as S fsets, which climbed to $554 billion.
Gold reserves, too, climbed $569 million to $48 billion. The rise in reserves was likely due to foreign portfolio inflows into Indian stocks and bonds after the announcement of India being included in the Bloomberg Emerging Markets Index earlier this week. . Since January end, the RBI has amassed more than $10 billion in reserves. In the process, the rupee emerged as one of the strongest currencies among its emerging market peers.
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