Country’s foreign exchange reserves increased but $ 72 billion less than all-time high, know why

Forex Reserves - India TV Paisa
Photo: PTI foreign exchange reserves

country’s foreign exchange reserves In the week ended March 24, it increased by $ 5.977 billion to reach $ 578.78 billion. The Reserve Bank of India (RBI) gave this information on Friday. Due to this, foreign exchange reserves had increased by $ 12.8 billion to reach $ 572.8 billion in the previous week. Earlier, the country’s foreign exchange reserves had reached an all-time high of USD 645 billion in October 2021.

The decline was due to strengthening of the dollar

It declined later as the central bank used reserves to counter a sharp fall in the rupee’s exchange rate amid global developments. Foreign currency assets, a key part of reserves, increased by $4.38 billion to $509.728 billion in the week ended March 24, according to the RBI’s weekly data. Expressed in dollars, foreign currency assets also include the effects of movements in non-US currencies such as the euro, pound and yen.

increase in gold reserves

The Reserve Bank said that the value of gold reserves increased by $ 1.37 billion to $ 45.48 billion in the reporting week. According to the data, Special Drawing Rights (SDRs) also increased by $201 million to $18.419 billion. The country’s currency reserves with the International Monetary Fund (IMF) also increased by $ 27 million to $ 5.151 billion in the week under review.

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