Good news for the economy… India’s forex reserve at record high, rising for the fourth consecutive week
India’s Forex Reserve Rise: India’s foreign exchange reserves have seen an increase of more than 5 billion dollars in the week ending September 6 and with this increase, this figure has reached its all-time high level.
X
Forex reserves increased by more than $ 5 billion in the week ending September 6
aajtak.in
- New Delhi,
- 14 September 2024,
- (Updated September 14, 2024, 9:31 AM IST)
Good news has come for the Indian economy and it is related to the country’s treasury. In fact, the Central Bank shared the data of foreign exchange reserves on Friday, according to which India Forex Reserve has reached a record high level. This is the fourth consecutive week when this figure has increased. If we look at the RBI data, foreign exchange reserves have increased to $ 689.235 billion in the week ending September 6.
Reserves increased by more than 5 billion dollars in a week
The process of increase in India’s foreign exchange reserves continues. With the increase in the fourth month, it has now reached very close to 700 billion dollars. In fact, in the week ending September 6, there has been a huge jump of $ 5.248 billion, due to which these reserves have reached a new life time high level of $ 689.235 billion. In the previous week, the figure of forex reserves was 683.987 billion dollars.
RBI data on foreign currency status
Along with the increase in foreign exchange reserves, a sharp increase in India’s other reserves has also been seen. During this period, Foreign Currency Assets Reserve (FCAs) has increased by $ 5.107 billion and has now reached the level of $ 604.144 billion. It is noteworthy that FCA also includes the effect of fluctuations in non-US currencies like Euro, Pound and Yen kept in foreign exchange reserves.
related news
There was a big jump in gold reserves also
Along with the forex reserve, the Reserve Bank of India, while presenting the figures, informed that the country’s gold reserve has also increased by 129 million dollars and due to this it has become 61.988 billion dollars. Let us tell you here that the gold deposited in the government or government bank is ‘gold reserve’. It is deposited to support the Indian currency. Gold reserve provides protection against inflation for growing countries and supports the economy.
Such a rise in deposits with IMF
Central bank data also includes other figures. One of these is Special Drawing Rights (SDR), which has increased by 4 million dollars and after this it became 18.472 billion dollars. With this, till the week ending September 6, India’s deposits with the International Monetary Fund (IMF) have registered an increase of $9 million and it has increased to $4.631 billion.
