The country’s foreign exchange reserves have reached an all-time high.
Although the government has suffered a major setback on the GDP front, on the other hand the Reserve Bank has given it some very good news. In fact, a jackpot of Rs 59,000 crore i.e. $7 billion has been deposited in the government exchequer in the form of increase in foreign exchange reserves. After this increase, the country’s foreign exchange reserve has reached an all-time high. There has been an increase in Forex reserves for the second consecutive week. An increase of $11.56 billion has been observed in these weeks. An increase of $58.48 billion has been observed in the foreign exchange reserves in the current calendar year. Let us also tell you to what extent the country’s foreign exchange reserve has become.
Forex reserves hit a record level
The country’s foreign exchange reserves have increased by over $7.02 billion to a new record level of $681.68 billion in the week ended August 23, the Reserve Bank of India (RBI) released this information on Friday. Last week, the foreign exchange reserves increased by $4.54 billion to $674.66 billion. This means that the last two weeks have seen an increase of $11.56 billion in foreign exchange reserves.
In the current year, the country’s foreign exchange reserves have increased from $623.20 billion to $681.68 billion. This means that during this period, there has been an increase of $58.48 billion in foreign treasuries. Previously, the overall foreign exchange reserves had reached an all-time high of $674.91 billion on August 2.
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Gold reserves also increased
According to data released by the Reserve Bank on Friday, in the week ended August 23, foreign currency assets, considered a major part of foreign exchange reserves, increased by $5.98 billion to $597.55 billion. On the other hand, if we talk about gold reserves, it has seen an increase in the same by $893 million and total gold reserves increased to $60.99 billion. Special Drawing Rights (SDRs) increased by $118 million to $18.45 billion. In the week under review, India’s reserves in the International Monetary Fund (IMF) increased by $30 million to $4.68 billion.
