India’s forex reserves hit record $723.8 billion

India’s foreign exchange reserves increased to $723.8 billion as of January 30, Reserve Bank of India governor Sanjay Malhotra said in his policy speech on Friday.

The stockpile rose from $709.4 billion, which was already an all-time high.

Malhotra said the reserves provide a merchandise import cover of more than 11 months.

“Overall, India’s external sector remains resilient. We are confident of meeting our external financing requirements comfortably.”