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India Forex Reserve Data: There has been a tremendous jump in Foreign Exchange Reserves. The Reserve Bank of India has released this data regarding foreign exchange reserves, according to which in the week ending March 17, 2023, there has been an increase of $ 12.8 billion in the country’s foreign exchange reserves. This is the biggest jump in foreign exchange reserves after 11 November 2022. RBI’s foreign exchange reserves are at their highest level after 3 February 2023.
This big jump in foreign exchange reserves has come due to rapid jump in foreign currency assets of RBI. According to RBI data, there was a jump of $ 10.49 billion in foreign currency assets and it has increased to $ 505.35 billion.
However, the country’s foreign exchange reserves increased by $12.798 billion to reach $572.801 billion in the week ended March 17. In the previous week, foreign exchange reserves had decreased by $ 2.39 billion to reach a three-month low of $ 560.003 billion.
In October 2021, the country’s foreign exchange reserves had reached an all-time high of US $ 645 billion. The latter is seeing a decline due to the use of currency reserves by the central bank to prevent a sharp fall in the exchange rate of the rupee amid global developments.
Foreign currency assets expressed in dollars also include the effects of movements in non-US currencies such as the euro, pound and yen. The Reserve Bank said that the value of gold reserves increased by $ 2.187 billion to $ 44.109 billion. According to the data, Special Drawing Rights (SDRs) also increased by $98 million to $18.219 billion. In the week under review, the country’s currency reserves with the International Monetary Fund (IMF) also increased by $ 29 million to $ 5.125 billion.
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