Country’s foreign exchange reserves reach all-time high: $645.58 billion, foreign exchange reserves increased for the sixth consecutive week

Country’s foreign exchange reserves reach all-time high: 5.58 billion, foreign exchange reserves increased for the sixth consecutive week

The country’s foreign exchange reserves rose by $2.95 billion to a new all-time high of $645.58 billion in the week ended March 29. This information was given by Reserve Bank of India i.e. RBI. This is the sixth consecutive week that foreign exchange reserves have increased. A week before this, the country’s foreign exchange reserves had increased by $140 million to $642.63 billion. Earlier, the country’s foreign exchange reserve had reached a high of $ 642.45 billion in September 2021. Amidst the pressures caused by global activities, the central bank used forex reserves to arrest the fall of the rupee, which led to a slight decline in the foreign exchange reserves. RBI releases data of foreign exchange reserves and gold reserves every week. Foreign currency assets reached $570.618 billion. According to RBI data, foreign currency assets increased by $2.35 billion to reach $570.618 billion in the week ending March 29. Foreign currency assets form an important part of foreign exchange reserves. Foreign currency assets expressed in dollars also include the effects of fluctuations in non-US currencies such as the euro, pound and yen. Gold reserves increased to $52.16 billion. RBI said that during the review week, gold reserves increased by $673 million to $52.16 billion. Meanwhile, Special Drawing Rights (SDRs) declined by $73 million to $18.145 billion. Reserve deposits decreased to $ 4.66 billion. According to the Reserve Bank, India’s reserve deposits with the International Monetary Fund (IMF) also decreased by $ 2 million to $ 4.66 billion in the week ending March 29. With the repo rate being maintained at 6.5% without any change, the Indian currency rupee strengthened by 8 paise against the US dollar and closed at 83.31 per dollar in the Interbank Foreign Exchange market on April 5. It had touched a high of 83.26 per dollar and a low of 83.45 per dollar in intraday trading.

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