The country’s foreign exchange reserve reached a new record
India’s foreign exchange reserves have created a new record. The Reserve Bank of India (RBI) has released its latest data, according to which the country’s foreign exchange reserves have reached the highest level ever recorded. India’s foreign exchange reserves currently stand at $692.30 billion. The Reserve Bank of India reports every week on the status of the country’s foreign exchange reserves.
The Reserve Bank of India released data for the week ending September 20. This week the country’s foreign exchange reserves increased compared to last week by $2.84 billion. In this way, it has achieved the highest record of 692.30 billion dollars. In the past week, the country’s foreign exchange reserves increased by $223 million and reached a new high of $689.46 billion.
Where did how much money come from?
When calculating foreign exchange reserves, only the value of foreign currency is not considered. Rather, the total also includes the country’s available gold reserves, money held by the IMF for payments, and SDRs.
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According to this, in the week ending September 20, the value of foreign currencies, which are considered an important part of foreign exchange reserves, increased by $2.06 billion to $605.69 billion. This includes not only the value of the dollar, but also the value of non-U.S. currencies such as the euro, pound, and yen held in foreign exchange reserves. These are shown only in dollar terms and the effect of their increase or decrease is visible in foreign exchange reserves.
The gold reserve is also in good condition.
According to Reserve Bank data as of September 20, the value of gold reserves in the country increased by $726 million to $63.61 billion. At the same time, Special Drawing Rights (SDRs) received by India internationally increased by $121 million to $18.54 billion. While India’s reserves in the International Monetary Fund (IMF) decreased by $66 million to $4.46 billion.
There have been many fluctuations in the value of the dollar in recent times. At the same time, gold prices are rising after the US Federal Reserve cut interest rates. Due to this, the value of the country’s foreign exchange reserves has also increased.
