Forex Reserve Data RBI said that the country’s foreign exchange reserves have increased. According to RBI, India’s foreign exchange reserves increased by US $ 2.58 billion. There has also been an increase in gold reserves. Know the complete news…
According to the report of the Reserve Bank of India, India’s foreign exchange reserves increased by US $ 2.579 billion to US $ 586.111 billion in the week ending October 27. In the previous reporting week, total reserves had declined by US$2.363 billion to US$583.532 billion.
increase in foreign assets
The country’s foreign exchange reserves reached an all-time high of US$645 billion in October 2021. At the same time, amid pressure due to global growth since last year, the central bank had deployed foreign exchange reserves to protect the rupee, which affected the reserves. Foreign exchange assets, a key component of foreign exchange assets, rose by US$2.303 billion to US$514.504 billion for the week ending October 27, 2023, according to the weekly statistical report released by the RBI.
Foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.
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Decline in stock of space drawing rights
The Reserve Bank of India said special drawing rights (SDRs) declined by US$15 million to US$17.91 billion. At the same time, central bank data shows that India’s reserve position with the IMF declined by US $ 208 million to US $ 4.773 billion in the week under review.
What are foreign exchange reserves?
Foreign exchange reserves are assets held on reserve by the RBI in foreign currencies. These reserves are used to repay liabilities and influence monetary policy. Foreign exchange reserves may include bank notes, deposits, bonds, treasury bills and other government securities.
