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Bloomberg Quint
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Forex Reserves Strong At $658.8 Billion, Adequate For 11 Months Of Imports: Nirmala Sitharaman
- India's foreign exchange reserves stand at $658.8 billion, covering 11 months of imports, making it the fourth-largest holder globally.
- Finance Minister Nirmala Sitharaman addressed concerns on the reserves' slight decline and emphasized India's significant foreign exchange holdings.
- Minister of State for Finance Pankaj Chaudhary highlighted that Indian markets attracted foreign investors despite initial withdrawals.
- Chaudhary noted a decreasing trend in the current account deficit over the last two years, showcasing efforts to boost exports.
- The Indian rupee witnessed depreciation against the US dollar amidst global uncertainties, with varied factors influencing the exchange rate.
- Since October 2024, the rupee depreciated by 2.2% against the USD, the least among major Asian currencies.
- Foreign portfolio investment outflows and movements in the Dollar Index were cited as contributors to the rupee's depreciation.
- Indian economy's stable fundamentals were highlighted amidst currency fluctuations and depreciations of other currencies.
- Minister Sitharaman emphasized the impact of domestic and global factors on the rupee's exchange rate against the US Dollar.
- Overall, Indian economy's resilience and financial market strength were underscored by the ministers amid ongoing global economic changes.
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