Rise in foreign exchange reserves, forex reserves increased by $ 1.9 billion to $ 595.1 billion

India Forex Reserves: foreign exchange reserves (India Forex Reserves I have got to see the boom once again. For the week ending June 30, 2023, foreign exchange reserves have increased by $ 1.85 billion to $ 595.05 billion, which was $ 593.2 billion in the previous week.

According to the data released by the Reserve Bank of India, foreign exchange has reached $ 595.05 billion, which was $ 593.2 billion last week. According to RBI data, Foreign Currency Assets have come up to $ 527.79 billion with a jump of $ 2.53 billion. However, there has been a decline in the gold reserves during this period. Gold reserves have come down to $43.83 billion with a decrease of $472 million.

According to RBI, there has been a decrease of $ 118 million in the reserve with the IMF. And it has come down to $5 billion. India’s highest level of foreign exchange so far was seen in October 2021 when foreign exchange reserves reached $ 645 billion. But since then, RBI had to sell dollars to support the rupee, due to which there was a decrease in foreign exchange reserves. Last year, due to the selling of foreign investors after the Russia-Ukraine war, foreign exchange reserves came down to $525 billion. However, due to heavy investment by foreign investors (FII) from the lower level, there has been an increase in foreign exchange reserves.

However, once in the currency market, there has been a weakness in the rupee against the dollar on Friday. At the close of the currency market, the rupee has closed at Rs 82.74 with a weakness of 22 paise against one dollar. Whereas in the last session it was closed at Rs.82.52.

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