Mumbai: RBI Governor Shaktikanta Das says, “India’s Foreign exchange reserves reached an all-time high of $645.6 billion as of March 29, 2024…” RBI Governor Shaktikanta Das says, “…Now, talking about the Foreign reserves, I recall that in 2021 our forex reserves had also reached 642 plus billion US dollars. Then, following the commencement of the war in Ukraine and the outflow of dollars from India, as well as from several other countries on safe-haven demand, there were concerns that the forex reserves of India were going down. And at one point it had gone down. Our forex reserves had gone down to about $524 billion. And at that time, I think several questions were raised about, what was RBI doing and whether RBI was on the right track. At that time, we had very clearly assured that the decline in forex reserves was partly due to the change in valuations of our assets and also partly due to our intervention in the market to ensure an orderly depreciation of the rupee, which is a part of our policy, ensuring orderly depreciation or orderly appreciation. And we had that time very clearly and firmly stated that we are using our forex reserves in a very judicious manner…”
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