New Delhi, March 22 (IANS). India’s foreign exchange reserves have increased by $ 305 million to $ 654.271 billion in the week ended on March 14. This information has been given by the Reserve Bank of India (RBI).
The country’s foreign exchange reserves increased by $ 15.267 billion in the week ended March 7 last week. It was $ 653.966 billion after this increase. This was the biggest lead in two years regarding foreign exchange reserves.
Some credit for the increase in foreign exchange reserves was given by the Reserve Bank of India on February 28 to Forex Swap of $ 10 billion. Under this Forex Swap, the central bank bought dollars in exchange for money for increasing liquidity and stabilizing the market.
Earlier in September 2024, India’s foreign exchange reserves rose to an all -time high of $ 704.885 billion.
According to the latest data released by the RBI, a major component of foreign currency reserves in the week ended March 14 has reduced to $ 557.186 billion.
The RBI said that the gold reserves increased by $ 66 million to $ 74.391 billion during the week. The Reserve Bank said that Special Drawing Rights (SDR) increased by $ 51 million to $ 18.262 billion.
According to the Reserve Bank data, the IMF has also recorded an improvement in India’s reserved situation in this week, which increased by $ 283 million to $ 4.431 billion.
In addition, the RBI monthly bulletin last month states that the Indian economy will maintain its position as the fastest growing major economy during 2025–26 in challenging and rapidly uncertain global environment.
The IMF and the World Bank have estimated India’s GDP growth 6.5 percent and 6.7 percent respectively for the upcoming financial year.
-IANS
SKT/ABM