Foreign exchange reserves rose by $ 2.14 billion to reach $ 586.39 billion

India Forex Reserve News: There has been a jump of more than $ 2 billion in foreign exchange reserves. In the week ending April 28, 2023, foreign exchange reserves have reached $ 586.39 billion, which was earlier $ 584.25 billion in the week ending April 21. According to the data done by RBI (Reserve Bank of India), foreign exchange reserves have seen a jump of $ 2.14 billion during this period. Although the foreign exchange reserves are still $ 60 billion less than their historical high.

According to the Reserve Bank of India, where the foreign exchange reserves have been 586.39 billion dollars. At the same time, there has been an increase of $ 2.71 billion in foreign currency assets and it has increased to $ 519.48 billion. There has been a decline in the gold reserve and it has come down to $45.65 billion. Reserves in the IMF remained $ 5.17 billion during this period.

Let us tell you that in October 2021, the country’s foreign exchange reserves had reached the highest level of US $ 645 billion, but since then a continuous decline in foreign exchange reserves started, which had come down to the level of $ 525 billion. But a surge in foreign investment from lower levels and a pick-up in foreign portfolio investment led to a build-up in forex reserves, though much lower than their higher levels.

In 2022, when foreign investors started withdrawing their investments after the US Fed Reserve raised interest rates, a weakness was seen in the rupee. The rupee fell by 10 per cent to the level of Rs 83 against a dollar. To support the rupee, the RBI had to sell dollars, due to which there was a decline in foreign exchange reserves.

Currency market is closed today. Earlier on Thursday, the rupee had closed at the level of 81.80 against one dollar.

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