Foreign Exchange Reserves: India’s foreign exchange reserves have reached an all-time high. The Reserve Bank of India has released the data of foreign exchange reserves, according to which a huge jump of 10 billion dollars has been seen in the foreign exchange reserves this week and it has increased to 666.85 billion dollars. In the previous week, the foreign exchange reserves were 657.155 billion dollars.
The banking sector regulator Reserve Bank of India has released the data of foreign exchange reserves for the week ended July 12, 2024. According to the data, the foreign exchange reserves have increased by $ 9.69 billion to $ 666.85 billion in the week ended July 12, 2024. Foreign currency assets have also seen a huge increase and it has increased by $ 8.36 billion to $ 585.47 billion.
During this period, RBI’s gold reserve has also seen a strong jump. RBI’s gold reserve has increased by $1.23 billion to $58.66 billion. SDR has increased by $76 million to $18.11 billion. The reserve deposited with the International Monetary Fund (IMF) has increased by $32 million to $4.60 billion.
This is the eighth consecutive week when the foreign exchange reserves have remained above $650 billion. In the current year, there has been an increase of $47 billion in the foreign exchange reserves in six and a half months. On 29 December 2023, the foreign exchange reserves stood at $620 billion.
On one hand, the foreign exchange reserves have reached an all-time high, while on the other hand, the rupee has weakened against the dollar. The rupee closed at Rs 83.65 with a weakness of 6 paise against the dollar. Whenever the Reserve Bank of India intervenes in the currency market to prevent the domestic currency from falling, changes are seen in the foreign exchange reserves data.
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