Mumbai, 15 February (IANS). According to the latest data from the Reserve Bank of India (RBI), India’s foreign exchange reserves rose $ 7.6 billion and reached $ 638 billion by 7 February.
This is the third consecutive week when the country’s foreign exchange reserves have increased. After an increase of $ 1.05 billion last week, by 31 January, India’s total foreign exchange reserves had increased to $ 630.607 billion.
India’s foreign exchange reserves reached an all -time high of $ 704.885 billion in September last year. The country’s foreign exchange reserves led to a great bounce in 2023, which increased by about 58 billion dollars.
The increase continued until 2024, which reflects continuous capital flow and strong external position as a reserve of $ 20 billion.
According to the recently released data, for the week ended on February 7, Forex assets, which are a significant part of the total reserves, increased by $ 6.422 billion to $ 544.106 billion.
There was also a great increase in gold reserves, which increased by $ 1.3 billion to $ 72.20 billion.
According to the latest World Gold Council report, RBI bought 8 tonnes of gold in November 2024. Central banks around the world continued their purchase with collective purchase of 53 tonnes of precious metal during the month.
India’s total gold holding was 876 tonnes, which maintains its position as the second largest buyer during the year after Poland.
Meanwhile, the central bank has also taken an important policy decision by reducing the repo rate from 25 basis points to 6.25 percent during the latest monetary policy committee meeting, which was the first rate cut in five years.
-IANS
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