The nation’s foreign exchange reserves increased by almost $3 billion in the week ending March 29 to reach a new high of $645.6 billion. Shaktikanta Das, governor of the RBI, stated, “It is our focus to build a strong umbrella – a strong buffer in the form of a substantial quantum of forex reserves – which will help us when the cycle turns.” In addition, he said, the central bank was constantly purchasing gold as part of its deployment of foreign exchange reserves.

In the week ending March 29, foreign exchange reserves increased by around $3 billion, setting a new record of $645.6 billion. Shaktikanta Das, the governor of the RBI, stated: “Our goal is to create a robust buffer in the form of a sizable quantum

Das stated that there were worries when the reserves fell to $524 billion due to the volatility of the foreign exchange market after the invasion of Ukraine. “At the time, we had stated that we were using a sturdy umbrella we had assembled because it was pouring heavily with rain. The reserves have now increased once more, stated Das.

As of March, the RBI had $52.1 billion in gold reserves. In the fiscal year 2024, the value of gold in the RBI’s reserves increased by $7 billion. The RBI contributed 9 tonnes of the 39 tonnes that central banks added to the world’s gold holdings in January 2024, according to the World Gold Council. A recent report states that the RBI purchased 8.7 tonnes of gold in January, the most since over