India's foreign exchange & gold reserves exceedes $645 billion

By Alimat Aliyeva

India's gold and foreign exchange reserves have reached $645.6 billion, which is a historical record for the country, Azernews reports, citing as saying the head of the Reserve Bank of India Shaktikanta Das, at a press conference.

The head of the bank also mentioned that in 2021, foreign exchange and gold reserves exceeded $ 640 billion for the first time, but later decreased to $ 524 billion. He stressed that the Central Bank's policy to mitigate fluctuations in the Indian rupee has been successful.

"The Indian rupee remained the most stable currency among the major world currencies in the 2023-2024 financial year. The relative stability of the currency reflects India's strong macroeconomic fundamentals, financial strength and improved foreign economic performance," Shaktikanta Das said.