Indian Forex Reserves Increased By $ 2.73 Billion

Indian forex reserves increased by $ 2.73 billion, after three weeks of decline: Forex Reserves.

Indian forex reserves have risen by $2.73 billion after three weeks of decline.

India’s foreign exchange reserves rose by $2.734 billion to $593.323 billion during the week ended June 24. This was informed by the weekly data of the Reserve Bank of India.

India’s foreign exchange assets are the largest component of foreign exchange reserves. According to RBI data, Indian forex assets increased by $2.334 billion during the week ended June 24.

Indian forex assets have increased to $ 529.216 billion with an increase of $ 2.334 billion. In addition, gold reserves increased by $342 million to $40.926 billion.

At the same time, Special Drawing Rights increased by $ 55 million to $ 18.210 billion. The country’s reserve position in the International Monetary Fund has increased by $ 3 million to $ 4.970 billion.

In the last week ended June 17, foreign portfolio investors (FPIs) have pulled out heavily from Indian equities amid rising concerns of a global slowdown.

Indian forex reserves increased by $ 2.73 billion: NSDL (National Securities Depository Limited) data shows that they have sold equities worth Rs 217,619 crore in 2022 so far.

During the same period, Sensex and Nifty have lost more than 10-10 percent. Reserves declined by $5.87 billion to $590.588 billion on continued selling by FPIs.

At the same time, the country’s foreign exchange reserves fell for the third consecutive week last week due to the possible intervention of RBI in the market to check the fall in the rupee.

During the last three weeks, the country’s foreign exchange reserves had declined steadily. Overall, a decline of $10.785 billion was recorded during this period.

Generally, RBI intervenes in the market through liquidity management including the selling of dollars to prevent a sharp fall in the rupee.