Mumbai, 16 May (IANS). India’s foreign exchange reserves have increased by $ 4.5 billion to $ 690.62 billion in the week ended on 9 May. This information was given in the data released by RBI on Friday.
The value of foreign exchange assets has increased by $ 19.6 million to $ 581.37 billion during the review period.
Forex assets include main foreign currencies such as euros, pounds and yens other than US dollars.
The value of the Gold Reserve in the week ended May 9 has increased by $ 45 million to $ 86.33 billion.
The central bank said that the value of special drawing rights declined by $ 2.6 million to $ 18.53 billion. India’s reserved position with the IMF also declined by $ 13.4 million to $ 4.37 billion in the week under review.
The country’s foreign exchange reserves strengthens the rupee against the US dollar.
The increase in foreign exchange reserves shows the strong base of the economy and this provides enough space to the RBI to stabilize the rupee in case of instability.
Additionally, India’s exports (goods and services) have increased by 12.7 percent to $ 73.80 billion in April, which was $ 65.48 billion last year.
India’s goods exports in April increased by 9.03 percent to $ 38.49 billion. At the same time, service exports have increased to $ 35.31 billion in April, which was $ 30.18 billion in April last year.
The country’s electronics goods exports increased by 39.51 percent to $ 3.69 billion in April, which was $ 2.65 billion in the same period last year.
At the same time, there has been an increase in double digits in the export of engineering goods. It has increased by 11.28 percent to $ 9.51 billion, which was $ 8.55 billion in April last year.
-IANS
ABS/
