India's forex reserves rise by $4.8 billion
India's foreign exchange reserves just bounced back by $4.8 billion, reaching $702.78 billion at the end of June 2024.
This comes after a rocky few months when reserves dipped as low as $624 billion in February, so it's a solid comeback for the country's financial safety net.
Breakdown of forex reserves
Most of this stash is foreign currency, with gold making up another chunk.
The rest comes from things like IMF funds and special drawing rights—basically, backup money for emergencies.
Why high forex reserves matter
High reserves mean India can handle global shocks better, keep the rupee steady, and pay for imports without breaking a sweat.
Right now, these reserves could cover almost a year's worth of imports, which is pretty reassuring if you care about economic stability or travel plans that depend on a strong rupee.