India's foreign exchange reserves hit a record high

Foreign exchange reserves held by the Reserve Bank of India surged to the equivalent of 666.9 billion dollars as of 7/12, and hit a record high.

This high level is due to strong growth and the long-awaited adoption of Indian assets in JPMorgan's major emerging market bond indices, leading to active foreign investment and inflow of foreign currency into the Indian economy.

This is reflected in the fact that SENSEX hit an all-time high and the 10-year G-SEC yield fell below the standard value of 7%.

Furthermore, the weakening of the Chinese yuan, yen, and won became a driving force for the RBI to prioritize India's export competitiveness, restrict foreign currency sales intervention by the central bank, and boost foreign exchange reserves.

Source: Reserve Bank of India