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Forex reserves hit record $740.8 billion, lift rupee
By the end of August, India recorded an unprecedented $740.8 billion in foreign-exchange reserves, which has significantly fortified the value of the Indian rupee against the dollar. This development enhances public sector banks' lending potential through enhanced liquidity coverage. Despite this, state-run banks are lagging behind private ones in deposit growth, facing pressures that necessitate higher borrowings as loans continue to exceed deposits.
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India draws $136 billion in forex inflows, will strengthen ability to defend rupee
Banks mobilised $127.2 billion under a scheme for non-resident Indians to hold deposits in the country in specific foreign currencies.
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economictimes.indiatimes.com
India's forex reserves rise by $11.47 billion to hit record high of $740.80 billion as of August 28
India's foreign exchange reserves saw a substantial increase of $11.475 billion. This brought the total reserves to $740.8 billion by August 28. The Reserve Bank of India…
