Reserve Bank of India Governor Sanjay Malhotra stated that India's foreign exchange reserves have reached $682.3 billion, which is adequate to cover imports for approximately 11 months. This announcement was made during the release of the second bi-monthly monetary policy for the current fiscal year. Malhotra highlighted several policy initiatives aimed at strengthening the balance of payments, including agreements with major trading partners, allowing 100% foreign direct investment (FDI) in the insurance sector, and easing FDI restrictions for land-bordering countries. Despite a recent drop in reserves by $7.511 billion during the week ending May 22, the RBI remains vigilant and prepared to manage market conditions effectively. The governor noted that while external challenges persist, particularly in terms of elevated energy prices and trade uncertainties, the services trade surplus and remittances are expected to provide some stability to India's current account deficit.