New Delhi, July 02: The country’s foreign exchange (FOREX) reserves have increased by $2.734 billion after three consecutive weeks of decline. The Reserve Bank of India (RBI) has given this information in the data released.
According to RBI data, foreign exchange reserves have jumped by $2.734 billion to $593.323 billion in the week ended June 24.
Earlier Forex reserves declined by $5.87 billion to $590.588 billion in the week ended June 17 as against $596.458 billion, down by $4.599 billion in the previous week. At the same time, on June 3, foreign exchange reserves declined by $306 million to $601.057 billion.
According to the Reserve Bank, the reason for this increase in foreign exchange reserves is the increase in foreign currency assets (FCAs), which form a significant part of the total reserves. Apart from this, due to increase in gold reserves, there has also been an increase in foreign exchange reserves.
According to the data, FCA has increased by $2.334 billion to $529.216 billion in the reporting week.
According to the data, the value of gold reserves has also increased by $342 million to $40.926 billion in the week under review. At the same time, the Special Drawing Rights (SDR) with the International Monetary Fund (IMF) increased by $55 million to $18.21 billion in the reporting week, while the country’s currency reserves with the IMF also increased by $3 million to $ 4.97 billion.
It may be noted that foreign currency assets held in foreign exchange reserves expressed in dollars also include the effects of their appreciation or depreciation in non-US currencies such as the euro, pound and yen.
