India's $698 billion forex reserves surge - but experts warn your rupee is still doomed
Key Points
- India's forex reserves hit $698.27 billion, but the rupee ha...
India just hit a new milestone with $698.27 billion in foreign exchange reserves, up $4.038 billion from last week. That sounds impressive until you realize the rupee simultaneously face-planted to a record low of 88.46 against the dollar. It's like bragging about your savings account while your credit card debt hits new heights.
Gold Rush While Currency Crashes
The Reserve Bank of India has been quietly stockpiling gold like a doomsday prepper, with reserves jumping $3.54 billion to $90.3 billion. Meanwhile, foreign investors dumped Rs 3,472 crore worth of Indian equities in a single da...
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