Indian Forex Reserve Update
Indian Forex Reserves: India’s foreign exchange reserves have increased by $10.417 billion to reach $572 billion. This is believed to be the biggest increase during any week in this year. During the previous week, the foreign exchange reserves had decreased by $ 1.268 billion and stood at $ 561.583 billion. This means that the foreign exchange reserves have increased by $ 10.417 billion during a week.
During the year 2021, the foreign exchange reserves were at an all-time high level of $ 645 billion in October. However, since then the Central Bank had taken several steps to save the rupee. Since then, there has been a rapid decline in foreign exchange reserves and it had fallen to about $ 100 billion. At the same time, during October 2022, the highest increase of $ 14.721 billion was recorded in foreign exchange reserves during one week.
Foreign currency assets also increased
According to the weekly data of the central bank, Foreign Currency Assets (FCA), considered an important part of the total currency reserves, have increased by $ 9.078 billion to $ 505.519 billion in the week. Foreign currency assets denominated in dollars also include the effects of appreciation and depreciation in non-US currencies such as the euro, pound and yen.
Keep country’s currency in IMF also increase
Apart from this, the value of gold reserves has increased by $ 1.106 billion to $ 42.89 billion in the week. According to the data, Special Drawing Rights (SDR) has increased by $ 147 million to $ 18.364 billion. During one week, the country’s currency reserves kept with the International Monetary Fund (IMF) also increased by $ 86 million to $ 5.227 billion.
Let us tell you that many steps were taken by the RBI last year to save the falling rupee. RBI had increased the repo rate several times. Meanwhile, a major shortfall was observed in the foreign exchange reserves. However, there has been an increase in foreign exchange reserves since last few months.
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