India’s forex reserves jump to record high of $642.63bn

India’s foreign exchange reserves rose for a fifth straight week to hit a record high of $642.63 billion as of March 22, data from the central bank showed on Friday. The reserves jumped by $139 million in the reporting week. In Nigeria Foreign Exchange Reserves increased to $34.260 billion in March from $33.520 in February of 2024. Foreign Exchange Reserves in Nigeria averaged 13.57385 billion from 1960 until 2024, reaching an all time high of $62.08186 billion in September of 2008 and a record low of 63.22  million in June of 1968.

Changes in India’s foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves. Foreign exchange reserves include India’s Reserve Tranche position in the International Monetary Fund. The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee. The domestic currency settled at 83.40 against the dollar on Thursday. India’s financial markets were closed on Friday for a holiday