India's Forex Reserves Hit Record High of $675 Billion - RBI Governor

Mumbai, Aug 8 (PTI) The country's forex reserves touched a record high of USD 675 billion on August 2, Reserve Bank Governor Shaktikanta Das said on Thursday.

The previous all-time high for the kitty was USD 670.857 billion on July 19 this year, and the last reported reserve was USD 667.386 billion as on July 26.

Das said overall, the country's external sector "remains resilient" as indicated by an improvement in key indicators.

"We remain confident of meeting our external financing requirements comfortably," he said in his statement after the review of the monetary policy.

Das said foreign portfolio investors turned net buyers in the domestic market from June 2024 with net inflows of USD 9.7 billion during June- to August 6, after witnessing outflows of USD 4.2 billion in April and May.

Gross foreign direct investment (FDI) rose by more than 20 per cent in April-May 2024, while net FDI flows doubled during this period compared to the corresponding period of the previous year, the Governor said.

External commercial borrowings by Indian entities moderated, but non-resident deposits were higher in April-May, he said.