RBI RBI says India's forex reserves hit all-time high of $651.5 billion
The Reserve Bank of India recently said India's forex reserves has moved up to touch USD 4.837 billion to touch a new all-time high of USD 651.51 billion for the week ended May 31.
" Touching a new milestone, India’s foreign exchange reserves reached a historical high of US$ 651.5 billion as on May 31, 2024," RBI Governor Shaktikanta Das said in a statement on Friday.
He said: "India’s external sector remains resilient and the key external vulnerability indicators continue to improve. Overall, we remain confident of meeting our external financing requirements comfortably."
The Reserve Bank of India (RBI) also kept the key lending rate unchanged at 6.5% in its new monetary policy announced on Friday.
The RBI's announcement comes days after the Lok Sabha elections results were announced and ahead of the Budget 2024.
For the fiscal year 2025, the GDP growth is projected at 7.2%, up from 7 percent in FY 2024.
"The GDP growth that we are now projecting for 2024-2025 is 7.2%," said RBI Governor Shaktikanta Das.
Das said deflation in fuel prices is underway while food inflation continues to remain elevated.
The RBI Governor says the central bank is committed to keep the inflation rate to the target of 4 percent.
The BSE Sensex, which witnessed a bloodbath on the poll result day, is now in green after the RBI projected the GDP at 7.2%.
Das said the Indian economy is "resilient".
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