Forex Reserve Latest Update: The Reserve Bank has given a relief news at the end of the week. India’s foreign exchange reserves have again recorded a boom. According to official data, India’s foreign exchange reserves increased by $6.3 billion during the week ended April 7. In this way, foreign exchange reserves have now reached the highest level in the last nine months.
fast for the second week in a row
There has been a continuous decline in foreign exchange reserves during the recent past. However, there has been a series of ups and downs in the last few weeks. There was a break in the previous week on the order of decline in foreign exchange reserves for two consecutive weeks. After that, there has been a rise in the foreign exchange reserves during the week ending April 7. In this way, after decreasing for two consecutive weeks, India’s foreign exchange reserves have now increased for the second consecutive week.
Now this is the forex reserve
According to the official data of the Reserve Bank (RBI Data), the foreign exchange reserves increased to $ 584.755 billion in the week ended 7 April. Earlier, after the week ending March 31, this reserve had increased to $ 578.45 billion. During that time there was an increase of $ 329 million in foreign exchange reserves.
increased foreign exchange assets
According to the data, during the week under review, India’s foreign exchange assets increased by about $ 4.740 billion to reach $ 514.431 billion. Foreign currency assets ie FCA are shown in dollar terms. In this figure, the effect of fluctuations in the prices of currencies other than dollar like euro, pound, yen etc. is included.
So fast in gold reserves
India’s gold reserves and SDR holding also increased during the week of April 7. During this, the gold reserves ie Gold Reserve increased by $ 1.496 billion to reach $ 46.696 billion. At the same time, SDR ie Special Drawing Rights increased by $ 58 million and became equal to $ 18.450 billion. Similarly, the reserve kept with the IMF increased by $ 13 million to reach $ 5.178 billion.
This was the all time high level
India’s foreign exchange reserves reached its highest level in October 2021. Then it had crossed 645 billion dollars. Since then there has been a decrease in foreign exchange reserves. Due to various adverse factors, the value of the Indian currency rupee has decreased against the dollar. Due to this, the foreign exchange reserves have also declined, as the Reserve Bank spends its foreign exchange reserves from time to time to handle the rupee.
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