The country’s foreign exchange reserves continue to break records. For the second week in a row, forex reserves set a record of lifetime highs. An increase of 24 thousand crore rupees has been seen in forex reserves in one week. Notably, the country’s foreign exchange reserves have increased for the sixth consecutive week and forex reserves have increased by over $29 billion. If we talk about the last financial year, it saw an increase of more than 67 billion dollars. Let us also tell you what India’s forex reserve is at present.
Life time record
In the week ended March 29, the country’s foreign exchange reserves stood at $2.95 billion, i.e. Rs. It has reached 645.58 billion dollars with an increase of more than 24 thousand crores. Which is a record. The forex reserve hit a lifetime high record for the second week in a row. This is the sixth consecutive week that foreign exchange reserves have increased. A week before this, the country’s total foreign exchange reserves increased by $140 million to $642.63 billion. The country’s foreign exchange reserves reached a peak of $642.45 billion in September 2021. But amid pressure from global developments, the central bank used capital reserves to stem the rupee’s decline, leading to a slight decline in currency reserves.
Growth in the last 6 weeks
If we talk about the last 6 weeks, forex reserves have seen an increase of $29.48 billion. If seen in rupee terms, the country’s foreign exchange reserves have increased by more than 2.45 lakh crore rupees in the last one and a half months. Foreign exchange has increased by over $67 billion in the last financial year. If we look at it in rupee terms, in the last financial year India’s foreign exchange reserves stood at Rs. 5.60 lakh crore has not been increased. The country’s currency reserves stood at $578.45 billion as on March 31, 2023.
Also increase currency assets and gold reserves
Foreign currency assets, considered an important part of currency reserves, rose by $2.35 billion to $570.61 billion in the week ended March 29, according to Reserve Bank data. Foreign currency assets denominated in dollar terms include the effect of movements in non-US currencies such as the euro, pound and yen held in foreign exchange reserves.
The Reserve Bank said the value of gold reserves increased by $673 million to $52.16 billion during the week under review. The Reserve Bank said Special Drawing Rights (SDR) fell by $73 million to $18.14 billion. India’s reserve deposits with the International Monetary Fund (IMF) also fell by $2 million to $4.66 billion in the week under review, according to the Reserve Bank.
-Rahul Dubey