India's Forex Reserves Hit All-Time High

  •  Record Reserves: India's foreign exchange reserves surged to a record high of $652 billion in the week ending May 31st, 2024.
  • Improved Trade Balance: This growth is attributed to a shrinking current account deficit, reflecting a stronger trade balance.
  • Services & Remittances Boost: A significant rise in services exports and robust personal remittances from Indians abroad contributed to the positive trend.
  • Resilient Economy: The Reserve Bank of India (RBI) Governor, Shaktikanta Das, highlighted the country's resilient external sector and improving external vulnerability indicators.
  • Positive Outlook: This record high reserve strengthens India's financial security and ability to manage external shocks.

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