[ad_1]
India Forex Reserves: India’s foreign exchange reserves have once again reached the verge of touching $600 billion. In the week ending May 12, 2023, foreign exchange reserves have reached $ 599.53 billion with a jump of $ 3.55 billion. In the last two weeks, there has been a jump of $ 11.7 billion in the foreign exchange reserves of RBI. Earlier, in the week ending May 5, the foreign exchange reserves stood at $595.97 billion.
The foreign exchange reserves stood at $588.78 billion on April 28, 2023, which is now on the verge of touching $600 billion. That is, there has been an increase of about $ 11.7 billion in foreign exchange reserves in just two weeks. According to the data released by RBI (Reserve Bank of India), Foreign Currency Assets have increased by $ 3.5 billion and have increased to $ 529.59 billion. Gold Reserves have also increased and it has reached $ 46.35 billion with a jump of $ 38 million. Reserves in the IMF decreased by $28 million and stood at $51.64 billion. Let us tell you that in October 2021, the country’s foreign exchange reserves had reached the highest level of US $ 645 billion.
After October 2021 till October 2022, there was a continuous decline in foreign exchange reserves. During this, there was a huge weakness in the rupee against the dollar, due to which the RBI had to sell dollars from its funds to strengthen the rupee. Then the foreign exchange reserves had come down to the level of 525 billion dollars. But foreign investors are returning to India. Due to the boom in foreign investment and foreign portfolio investment, a boom in foreign exchange reserves is being seen.
While announcing the monetary policy in the month of April, RBI Governor Shaktikanta Das had said that if foreign exchange reserves increase, it will strengthen macroeconomic stability. On Friday, May 19, the rupee closed at a level of Rs 82.66 against the dollar with a jump of 5 paise.
read this also
[ad_2]
Source link