Mumbai, 13 June (IANS). India’s foreign exchange reserves have increased by $ 5.17 billion to $ 696.66 billion in a week ended on 6 June. This information was given in the data released by RBI on Friday.
The rapid growth during the week has brought India’s foreign exchange reserves to a historic high level of $ 704.885 billion, which was achieved by the country at the end of September 2024. The strengthening of the country’s foreign exchange reserves has also strengthened the rupee against the US dollar.
A major component of foreign exchange reserves during the week ended June 6, the value of foreign exchange assets has increased by $ 3.47 billion to $ 587.69 billion.
Foreign exchange assets expressed in terms of dollars include the effects of value growth or depreciation of non-American units such as euros, pounds and yen placed in foreign exchange reserves.
The important component of foreign exchange reserves during the week rose by $ 1.6 million to $ 85.89 billion. Amidst the uncertainty arising from geopolitical tension, central banks around the world are accumulating gold as a safe property in their foreign exchange reserves. The Reserve Bank of India (RBI) has almost doubled the gold stake in foreign exchange reserves since 2021.
The central bank said that the value of special drawing rights in the Foreign Bud Fund rose $ 102 million to $ 18.67 billion.
According to RBI data, India’s reserved position with the IMF also increased by $ 14 million to $ 4.4 billion in the week ended June 6.
RBI Governor Sanjay Malhotra said after the monetary policy review last week 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 external 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
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