New Delhi, March 16 (IANS). India’s foreign exchange reserves have increased by $ 15.267 billion to $ 653.966 billion in the week ended on March 7. This is the biggest lead in foreign exchange reserves in the last two years. This information has been given by RBI.
The country’s foreign exchange reserves fell $ 1.781 billion to $ 638.698 billion in the earlier week.
The reason for this edge in foreign exchange reserves is believed to be the $ 10 billion Forex Swap made by the Reserve Bank of India (RBI) on February 28. Under this Forex Swap, the central bank bought dollars in exchange for money for increasing liquidity and stabilizing the market.
In September 2024 last year, Forex Reserve All-Time High has reached 704.885 billion dollars.
Foreign currency assets which are an important component of foreign exchange reserves. It has increased by $ 13.993 billion to $ 557.282 billion.
RBI data stated that Special Drawing Rights (SDR) has increased by $ 212 million to $ 18.21 billion. The reserve position in India’s IMF has come down by $ 69 million to $ 4.148 billion.
In addition, the RBI’s monthly bulletin stated that high-frequency indinters show that economic activities in India are increasing rapidly in the second half of FY 2024-25.
The report said that according to the IMF and World Bank, India’s GDP growth in FY 2025-26 can be 6.5 percent and 6.7 percent.
In addition, the report by rating agency Moody’s said that increase in government capital expenditure, softening in monetary policy, income tax cuts in budget will play an important role in increasing India’s growth rate.
The report further stated that India’s GDP growth rate may be more than 6.5 percent.
The report said that India’s economic growth is expected to rise after a temporary slowdown in mid -2024.
-IANS
ABS/