Crude oil prices had increased tremendously last week amid global tensions. However, during this period the country’s foreign exchange reserves increased by $ 394 million.
How much is the foreign exchange reserves: According to the Reserve Bank of India (RBI), the foreign exchange reserves have stood at $ 631.92 billion. Earlier, in the week ended February 25, foreign exchange reserves had declined by $ 1.425 billion to $ 631.527 billion. Let us tell you that in the week ended September 3, 2021, the foreign exchange reserves had reached an all-time level of $ 642.453 billion.
According to RBI, the increase in foreign exchange reserves was due to increase in foreign currency assets (FCAs), which constitute a significant part of the total reserves. According to the data, for the week ended February 18, FCA increased by $ 634 million to $ 565.466 billion. Foreign currency assets held in foreign exchange reserves, expressed in dollars, include the effects of appreciation or depreciation of non-US currencies such as the euro, pound and yen.
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Gold Reserve Status: Gold reserves have dwindled in the last week. According to RBI data, gold reserves declined by $147 million to $42.32 billion.