Mumbai, June 20 (IANS). India’s foreign exchange reserves have increased by $ 2.29 billion to $ 698.95 billion in the week ended on 13 June. This information was given in the data released by RBI on Friday.
With the increase in this week, its all-time in foreign exchange reserves has reached close to high. The highest level of Forex so far was $ 704.885 billion, which was recorded in late September.
Earlier, the country’s foreign exchange reserves were at $ 696.66 billion in the week ended on 6 June.
According to the Reserve Bank of India (RBI) data, one of the major components of foreign exchange reserves in the week ended June 13 has increased by $ 1.73 billion to $ 589.42 billion.
According to the RBI, the gold value in the country’s foreign exchange reserves during the week has increased from $ 428 million to $ 86.32 billion. Amid uncertainty arising from geopolitical tension, central banks around the world are depositing gold as a safe investment in their foreign exchange reserves. The RBI has almost doubled the gold stake in its foreign exchange reserves from 2021.
During the review period, the value of special withdrawal rights rose $ 85 million to $ 18.76 billion. The value of India’s reserved status with IMF has also increased by $ 43 million a week to $ 4.45 billion on June 13.
RBI Governor Sanjay Malhotra said after a monetary policy review in early June that India’s foreign exchange reserves were $ 691.5 billion in the week ended May 30 and it is sufficient to import goods worth more than 11 months and to fund around 96 percent of the outer loans.
The Governor of the RBI said that India’s external sector remains strong, as the major indicators of the external sector continue to improve. We are confident of meeting our external funding requirements.
-IANS
ABS/
