India’s Foreign Exchange Reserves Soar To 20-Month High, Surging By $9.112 Billion In Record Weekly Increase

India’s Foreign Exchange Reserves Soar to 20-Month High, Surging by $9.112 Billion in Record Weekly Increase.

Breaking news: India’s foreign exchange reserves witnessed an unprecedented rise of $9.112 billion, reaching a 20-month high at $615.971 billion.

Explore the latest data released by RBI and the key factors influencing this surge.

Foreign exchange reserves reach a 20-month high, an increase of $ 9.112 billion. India’s foreign exchange reserves have increased by $9.112 billion last week.

According to the data released by RBI on Friday, the total foreign exchange reserves increased to $ 615.971 billion last week.

This is a 20-month high level of foreign exchange reserves. Last week too, foreign exchange reserves had increased by $2.816 billion.

According to RBI, foreign currency assets (FCA) have increased by $ 8.349 billion in the week ending December 15.

FCA’s biggest stake.

Now the total FCA has increased to $ 545.048 billion. In terms of the nation’s total foreign exchange reserves, FCA holds the highest percentage.

Similarly, last week the gold reserves increased by $ 446 million to reach $ 47.577 billion.

Experts say that the foreign exchange reserves have been affected due to RBI’s intervention in the foreign exchange market and changes in valuation.

India’s Foreign Exchange Reserves: Increase in foreign exchange reserves.

India’s foreign exchange reserves rose by US$9.112 billion to US$615.971 billion in the week ended December 15 and the magnitude of the increase is the highest for a week, according to RBI data.

In October 2021, the country’s foreign exchange reserves reached an all-time high of US$645 billion.

The central bank deployed capital reserves to protect the rupee amid pressure from global growth last year, which hit the reserves.

Expressed in dollar terms, foreign exchange assets include the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen held in foreign exchange reserves.

The RBI said gold reserves increased by US$446 million to US$47.577 billion during the week.

The apex bank said special drawing rights (SDRs) rose by US$135 million to US$18.323 billion.

India’s reserve position with the IMF rose by US$181 million to US$5.023 billion in the week under review, data from the apex bank showed.

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2023 DNN All Rights Reserved