Foreign Exchange Reserves: For the third consecutive week, the foreign exchange reserves have reached a new historical high. The banking sector regulator Reserve Bank of India has released the data of forex reserves, according to which for the first time the foreign exchange reserves have reached an all-time high of $ 670.85 billion. In the previous week, it was $ 666.85 billion. In three weeks, the foreign exchange reserves have increased by $ 19 billion, while this is the ninth consecutive week when the reserves have remained above $ 650 billion.
The Reserve Bank of India has released the foreign exchange reserves data for the week ended July 19, 2024. According to these figures, it has reached $ 670.85 billion with a jump of $ 4 billion, which was $ 666.85 billion in the previous week. Foreign currency assets have also increased during this period and it has increased by $ 2.57 billion to $ 588.04 billion.
RBI’s gold reserve has also increased. RBI’s gold reserve has reached nearly 60 billion dollars with a jump of 1.32 billion dollars. SDR has increased by 795 million dollars to 18.20 billion dollars. There has been no change in the reserve deposited with the International Monetary Fund (IMF) and it has remained at last week’s level of 4.61 billion dollars.
There has been an increase of $ 51 billion in foreign exchange reserves in 2024. Foreign exchange reserves are high. While this week there has been a withdrawal of dollars due to selling by foreign investors in the stock market, the dollar has strengthened against the rupee. In the session of July 26, the rupee closed at its previous closing level of 83.72 against one dollar in the currency market. Whenever the RBI intervenes in the currency market to save or strengthen the domestic currency, changes are seen in the data of forex reserves.
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