Foreign exchange reserves crossed 700 billion dollars for the first time
India’s foreign exchange reserves are creating new records every week. In this connection, the country’s foreign exchange reserves have once again created a new record. India’s foreign exchange reserves increased by $ 12.59 billion to a new lifetime high of $ 704.88 billion in the week ending September 27. Let us tell you that the increase of $ 12.59 billion that happened last week is one of the biggest increase till date. Not only this, India’s foreign exchange reserves have crossed 700 billion dollars for the first time.
The rise in foreign exchange reserves has been continuing for the last several weeks.
Last week (week ending September 20), the country’s foreign exchange reserves had increased by $ 2.84 billion to reach $ 692.29 billion. The country’s foreign exchange reserves increased by $223 million to reach a new all-time high of $689.46 billion in the week ending September 13. Earlier, in the week ending September 6, India’s foreign exchange reserves increased by $ 5.25 billion and reached a new record level of $ 689.23 billion.
The value of gold reserves also increased by $2.18 billion.
According to the data released by the Reserve Bank of India (RBI) on Friday, foreign currency assets, considered an important part of the currency reserves, increased by $ 10.47 billion to $ 616.15 billion in the week ending September 27. Foreign currency assets denominated in dollar terms include the impact of movements in non-US currencies such as the euro, pound and yen held in foreign exchange reserves. During this period, the value of the country’s gold reserves also increased by $2.18 billion to $65.79 billion.
Reserves with IMF declined by $71 million
Besides, Special Drawing Rights (SDR) increased by $8 million to $18.55 billion. According to Reserve Bank of India data, India’s reserves with the International Monetary Fund (IMF) declined by $71 million to $4.39 billion in the week ending September 27.
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