foreign exchange of the country The reserves have increased by four billion dollars and have crossed the 670 billion dollar mark for the first time. It has increased by more than 18 billion dollars in three weeks. Data released by the Reserve Bank on Friday showed that in the week ended July 19, the foreign exchange reserves jumped by four billion dollars to reach 670.86 billion dollars, which is its historical highest level. Foreign currency assets, the largest component of the foreign exchange reserves, increased by 2.58 billion dollars and stood at 588.05 billion dollars.
Gold reserves also increased
Amidst the Reserve Bank’s ongoing efforts to increase the gold reserves, the country’s gold reserves increased by $ 1.33 billion and were recorded at $ 59.99 billion. SDR increased by $ 95 million to $ 18.21 billion. Whereas, the reserve fund with the IMF remained stable at $ 4.61 billion. Earlier, during the week ending July 12, there was a tremendous increase of $ 9.7 billion in the foreign exchange reserves. In the week ending July 5, the foreign exchange reserves had increased by $ 5.16 billion.
Increase for three consecutive weeks
Thus, the country’s foreign exchange reserves have increased by $ 18.86 billion in three weeks. Foreign exchange reserves are an important indicator of the country’s economy. RBI having sufficient foreign exchange can support the rupee whenever needed. Also, it becomes easier to pay foreign debt installments and increasing imports. India’s reserve deposit with the International Monetary Fund (IMF) remained unchanged at $ 4.61 billion in the week under review.
Input: IANS
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