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🌏 India's central bank builds a war chest as its factories stall
The day in view

🌏 India's central bank builds a war chest as its factories stall

Macro Soup Newsroom Macro Soup Newsroom 3 min read

India's services PMI jumped to 54.5 while manufacturing slumped to 52.9, a five-year low. The RBI's foreign-exchange reserves climbed to $716.9bn on a deliberate, bond-funded buildup ahead of Fed Chair Jerome Powell's remarks at Jackson Hole.

Line chart of India's foreign exchange reserves in $ billions, fluctuating then rising sharply toward mid-2026 near prior highs.
India's FX reserves climbed to a six-month high near $717 billion, still about $11 billion short of the record, aided by inflows under RBI dollar-deposit and bond schemes. Source

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