India’s foreign exchange reserves increased by the sixth consecutive week

Mumbai, April 18 (IANS). India’s foreign exchange reserves have risen $ 1.57 billion to $ 677.84 billion during the week. This information was given on Friday in the data released by the Reserve Bank of India (RBI). This is a consecutive sixth week when a record growth in foreign exchange reserves has been observed. Earlier, foreign exchange reserves increased by $ 10.8 billion to $ 676.3 billion in the week on April 4. The value of foreign exchange assets One of the most important components of foreign exchange reserves in the assessment period has risen $ 892 million to $ 574.98 billion. Forex assets also contain euros, pounds and Jens with US dollars. Another important component of foreign exchange reserves Gold’s value increased by $ 638 million to $ 79.99 billion. During the week, gold was purchased in large quantities by central banks around the world due to global uncertainty. The RBI said the value of the special drawing rights (SDR) fell by $ 6 million to $ 18,356 billion. According to the central bank, the value of India’s reserve position in the International Monetary Fund (IMF) increased by $ 43 million to $ 4.5 billion. In September last year, the country’s foreign exchange reserves rose to $ 704.885 billion. An increase in foreign exchange reserves of the country strengthens the rupee against the US dollar, which is good for the economy. The rupee saw a rise against the dollar due to the recent increase in foreign exchange reserves. The rupee is currently 85.39 against the dollar, which was close to 88 in February. Strong foreign exchange reserves help the central bank to hold stable against the dollar. -Ians ABS/ Share This Story Tags