India’s foreign exchange reserves increased by $12.74 billion to $609 billion for the week ended July 14, 2023. This is the highest level of reserves since March 25, 2022.

       The $12.74 billion increase is the highest weekly rise in four months. Foreign exchange reserves rose $12.79 billion for the week ended 17 March 2023.

       The total reserves touched $600 billion for the first time since May 12, 2023.

       The rise in the reserves for the third straight week was mainly on account of a rise in foreign currency assets, which went up $11.2 billion to $540 billion in the previous week.

       The reserves rose by $36 billion in the last one year. In the first six months of 2023, forex reserves increased by around $33 billion. Reserves were $562.8 billion as on December 30, 2022.

       The Reserve Bank of India (RBI) has been actively intervening in the foreign exchange market through its dollar buys. It has absorbed a high amount of inflows received by the equity market in the last couple of months. This is on the back of robust domestic macroeconomic fundamentals.

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       Foreign portfolio investors poured in more than $337 billion into India in July, according to data by the National Securities Depository Limited. In the last four months, India has witnessed robust foreign inflows of more than Rs. 1.5 trillion. Furthermore, there was an increase of $2.5 million in special drawing rights, reaching a total of $18.5 billion.

       Additionally, the reserve position in the International Monetary Fund (IMF) experienced growth, with an additional $1.6 million, bringing the total to $5.2 billion.