Large rise in foreign exchange reserves, rose by $ 4.5 billion

Mumbai, May 16 (IANS). India’s foreign exchange reserves rose $ 4.5 billion to $ 690.62 billion this week on May 9. This information was given in the data released by RBI on Friday. The value of foreign exchange assets increased by $ 19.6 million to $ 581.37 billion during the assessment period. Forex assets include the most important foreign currencies such as euros, pounds and other dollars. The value of the Gold Reserve in the week ended May 9 rose $ 45 million to $ 86.33 billion. The central bank said the value of special drawing rights fell by $ 2.6 million to $ 18.53 billion. India’s reserved position with the IMF also dropped $ 13.4 million to $ 4.37 billion during the week. The country’s foreign exchange reserves strengthen the rupee against the US dollar. The increase in foreign exchange reserves shows the strong basis of the economy and it provides enough space for the RBI to stabilize the rupil in case of instability. In addition, exports of India (goods and services) rose 12.7 percent to $ 73.80 billion in April, which was $ 65.48 billion last year. Exports of India’s goods in April rose 9.03 percent to $ 38.49 billion. At the same time, service exports rose to $ 35.31 billion in April, which was $ 30.18 billion in April last year. Exports of the country’s electronic goods rose 39.51 percent to $ 3.69 billion in April, which was $ 2.65 billion in the same period last year. At the same time, there was an increase in double digits in the export of engineering goods. This rose 11.28 percent to $ 9.51 billion, which was $ 8.55 billion in April last year. -Ians ABS/ Share This Story Tags