Good news has been received regarding Forex reserves for the third consecutive week. There has been an increase in foreign exchange in the country’s treasury for the third consecutive week. In these weeks, an increase of 9.31 billion dollars has been seen in the forex reserves. If we talk about the latest week, an increase of more than 1 billion dollars has been seen.
The special thing is that the value of gold reserves has declined by about 3.50 billion dollars. Whereas an increase of more than 4.50 billion dollars has been seen in assets. If the value of gold reserves had not declined, the increase in forex reserves would have been much greater. Let us also tell you what kind of figures have been presented by RBI regarding forex reserves…
increase in forex reserves
According to RBI data released on Friday, India’s foreign exchange reserves increased by $ 1.08 billion to $ 676.237 billion in the week ending July 17. In the previous week, total foreign exchange reserves had increased by $964 million to $675.157 billion. In the week ending February 27 this year, foreign exchange reserves had reached an all-time high of $ 728.494 billion. After this, due to the conflict in the Middle East and pressure on the rupee, it declined for several weeks and the RBI had to intervene in the foreign exchange market by selling dollars.
Prime Minister Narendra Modi has also appealed to the countrymen several times since May 11 to save foreign currency by reducing foreign travel, limiting fuel use and not buying gold for a year. However, there was an increase in Forex reserves for the third consecutive week. According to the RBI report on July 3, the country’s forex reserve was $666.93 billion. In which till now an increase of 9.31 billion dollars has been seen.
Big decrease in the value of gold reserves
According to central bank data, foreign currency assets, a major part of foreign exchange reserves, increased by $4.549 billion to $551.057 billion in the week ended July 17. In dollar terms, foreign exchange assets also include the impact of price fluctuations in non-US currencies held in foreign exchange reserves, such as the euro, pound and yen. RBI said that this week the value of gold reserves decreased by $ 3.48 billion to $ 101.749 billion. The apex bank said that Special Drawing Rights (SDRs) increased by $ 44 million to $ 18.67 billion. India’s reserve position with the IMF declined by $32 million to $4.761 billion at the end of the reporting week, according to data from the apex bank.
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