Mumbai, September 6 (IANS). The country’s foreign exchange reserves have seen a tremendous increase for the third consecutive week. In these three weeks, it has increased by about $ 14 billion.
According to data released by the Reserve Bank of India (RBI) on Friday, the foreign exchange reserves rose by $2.299 billion to $683.987 billion in the week ended August 30. This is the highest level so far.
Earlier, the foreign exchange reserves had increased by $ 4.546 billion in the week ended August 16 and by $ 7.023 billion in the week ended August 23. Thus, an increase of $ 13.868 billion has been registered in three weeks.
RBI said that foreign currency assets, the largest component of foreign exchange reserves, rose by $ 1.485 billion to $ 599.037 billion in the week ended August 30. During this period, gold reserves increased by $ 86.2 billion to $ 61.859 billion.
Special Drawing Rights (SDR) increased by 90 million dollars to 18.468 billion dollars. Whereas, the reserve fund with the International Monetary Fund decreased by 5.8 crores to 4.622 billion dollars.
In terms of foreign exchange reserves, India ranks fourth after China, Japan and Switzerland.
India’s foreign exchange reserves have been increasing continuously for the last few years. Having a strong foreign exchange reserve makes the country more secure in times of crisis. Also, RBI has more options to intervene in the market to control any sharp fall in the rupee.
–IANS
AKJ/ABM
