The country’s foreign exchange reserves increased by more than $2.95 billion to reach an all-time high of $645.58 billion in the week ended March 29. Reserve Bank of India has given this information. This is the sixth consecutive week when foreign exchange reserves have increased. A week before this, the country’s total foreign exchange reserves had increased by $ 140 million to $ 642.63 billion. In September, 2021, the country’s foreign exchange reserves had reached a high of $ 642.45 billion.
Foreign currency assets reached $570.61 billion
According to the news, but amid the pressures caused by global activities in September 2021, the central bank used capital reserves to arrest the fall of the rupee, due to which there was a slight decrease in the currency reserves. According to Reserve Bank of India data, foreign currency assets, considered an important part of the currency reserves, increased by $ 2.35 billion to $ 570.61 billion in the week ending March 29. Foreign currency assets in dollar terms include the impact of movements in non-US currencies such as the euro, pound and yen held in foreign exchange reserves.
gold reserves
The Reserve Bank said that during the week under review, the value of gold reserves increased by $ 673 million to $ 52.16 billion. The Reserve Bank said that Special Drawing Rights (SDR) declined by $ 73 million to $ 18.14 billion. According to the Reserve Bank, India’s reserve deposits with the International Monetary Fund (IMF) also declined by $2 million to $4.66 billion in the week under review. Foreign exchange reserves indicate the strength of the economy of any country. There was a time when India’s foreign exchange reserves had become almost zero in the year 1991 and then we had to pledge the gold available in banks to import from abroad.
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