New Delhi, 26 April (IANS). India’s foreign exchange reserves have increased to $ 686.14 billion for the seventh consecutive time, the highest level since November last year. This reflects a strong economy amidst global uncertainties.
According to the latest data from the Reserve Bank of India (RBI), the country’s foreign exchange reserves for the end of April 18 have registered an increase of $ 8.31 billion as compared to the previous reporting week.
Earlier, the foreign exchange reserves increased by $ 1.57 billion in the week ended April 11.
Foreign currency reserves have steadily improved after a steep decline from its summit of $ 700 billion in late September.
In September 2024, the total foreign exchange reserves reached an all -time high of $ 704.885 billion.
According to RBI data, for the week ended on April 18, Forex Considers, which is a major component of reserves, increased to $ 578.49 billion.
RBI said that during this period, the gold reserves registered an increase of $ 4.575 billion, reaching $ 84.572 billion.
According to the bank, the Special Drawing Rights (SDR) increased by $ 212 million to $ 18.568 billion.
The data showed that India’s reserve position with the IMF recorded an increase of $ 7 million, which reached $ 4.51 billion in the reporting week.
According to Sanjay Malhotra, Governor of the Reserve Bank of India, India’s financial markets have developed into a dynamic and strong force to promote economic development. The foreign exchange market has almost doubled from $ 32 billion in 2020 to $ 60 billion in 2024 and the average daily volume in overnight money market has increased from about Rs 3 lakh crore to more than Rs 5.4 lakh crore in this four -year period.
During the same period, the average daily volume has increased by 40 percent in government securities (G-sec) markets and it has increased to Rs 66,000 crore.
Malhotra said that all the financial market segments of the country, including foreign currency, G-sec and money market, have been largely stable.
However, a few months ago the rupee came under slight pressure, but after that domestic currency performed better.
-IANS
SKT/ABM
