Forex Reserve: The country’s foreign exchange reserves increased to $ 631 billion, there was a decline in the gold reserve
Foreign Exchange Reserves: The country’s foreign exchange reserves increased by $ 394 million to $ 631.92 billion in the week ended March 4. The Reserve Bank of India (RBI) has given this information and earlier in the week ended February 25, foreign exchange reserves had declined by $ 1.425 billion to $ 631.527 billion.
Forex reserves were at all-time high in September
Earlier, in the week ending September 3, 2021, the foreign exchange reserves had reached an all-time level of $ 642.453 billion. According to the RBI’s weekly data released on Friday, the increase in foreign exchange reserves was due to increase in foreign currency assets (FCAs), which constitute a significant part of the total reserves. According to the data, in the week ended February 18, FCA increased by $ 634 million to $ 565.466 billion.
Decline in gold reserve or gold reserves
Foreign currency assets held in foreign exchange reserves expressed in dollars include the effects of appreciation or depreciation of non-US currencies such as the euro, pound and yen. In the same week, gold reserves ie the country’s gold reserve decreased by $ 147 million to $ 42.32 billion.
There was also a decline in the SDR deposited with the IMF
In the reporting week, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by $59 million to $18.981 billion. The country’s currency reserves kept in the IMF decreased by $ 34 million to $ 5.153 billion.
The country’s foreign exchange reserves are increasing continuously
The country’s foreign exchange reserves are increasing continuously and although the effect of the fall in the stock market this week is being seen on it, but still the growth is satisfactory. Investment of foreign investors is increasing in India and its effect is being seen on the foreign exchange reserves.