New Delhi, May 31 (IANS). According to the latest weekly data of RBI, India’s foreign exchange reserves recorded a great increase of $ 6.99 billion during the week ended May 23, which increased to $ 692.72 billion.
According to the data, a major component of foreign exchange reserves, foreign exchange assets rose by $ 4.52 billion to $ 586.17 billion.
According to RBI data, during this week there was a tremendous increase in the price of the gold reserves, which increased by $ 2.37 billion to $ 83.58 billion.
Special drawing rights (SDR) rose $ 81 million to $ 18.571 billion.
According to the data, India’s reserved position with the IMF increased by $ 30 million to $ 4.401 billion during the week.
The country’s foreign exchange reserves had come down by $ 4.89 billion to $ 685.73 billion in the previous week ended on 16 May.
However, the foreign exchange reserves rose $ 4.5 billion to $ 690.62 billion in the week ended 9 May earlier.
The country’s foreign exchange reserves strengthens the rupee against the US dollar.
The increase in foreign exchange reserves reflects the strong foundation of the economy and gives more scope to stabilize the rupee when the RBI is unstable.
Strong foreign exchange reserves enable the RBI to intervene in the spot and forward currency market by issuing more dollars to prevent the rupee from falling.
In contrast, the falling foreign exchange reserves give RBI less space to interfere in the market to support the rupee.
Meanwhile, according to data from the Ministry of Commerce, the external region of India has emerged strongly. The total exports of goods and services recorded a strong growth of 12.7 percent in April and touched a level of $ 73.8 billion, compared to $ 65.48 billion in the same month last year.
The country’s goods exports increased by 9.03 percent to $ 38.49 billion in this month, with the highest growth in high -value electronics and engineering goods, which reflects the country’s growing manufacturing base.
Electronic goods exports increased by 39.51 percent to $ 3.69 billion in April, compared to $ 2.65 billion this month last year.
Export of engineering goods increased by 11.28 percent to $ 9.51 billion in this month, compared to $ 8.55 billion in April last year.
Jewelry exports rose by 10.74 percent to $ 2.26 billion to $ 2.5 billion.
-IANS
SKT/ABM
