Foreign Currency Reserves Rises By 3.66 Billion Dollar To 641.59 Billion Dollar Says RBI

Foreign Currency Reserves: There has been a break in the decline in India's foreign exchange reserves that has been going on for three consecutive weeks. In the week ending May 3, 2024, foreign exchange reserves have increased by $ 3.66 billion to reach $ 641.59 billion. Reserve Bank of India has released this data of foreign exchange reserves.

Releasing the Forex Reserve data on Friday, May 10, 2024, RBI said that the country's foreign exchange reserves have increased by $ 3.66 billion to reach $ 641.59 billion for the week ending May 3, 2024, which was $ 637.92 billion in the first week. Had been. An increase in foreign currency assets has also been seen. Foreign currency assets stood at $564.16 billion with an increase of $4.45 billion. This decline reflects fluctuations in the value of currencies like euro, pound and yen held in foreign currency assets against the dollar.

There has been a decline in the gold reserves of RBI. For the week ending May 3, gold reserves declined by $653 million to $54.88 billion. SDR increased by $ 2 million to $ 18.05 billion and reserves in IMF decreased by $ 140 million to $ 4.49 billion.

However, this week has been very challenging. There has been a big decline in the Indian stock market due to selling by foreign portfolio investors. Foreign investors are busy withdrawing investments from the market, the effect of which can be seen on the forex reserves of RBI. Whenever RBI intervenes to control the domestic currency or stop the decline against the dollar, a change is seen in the foreign exchange reserves. In today's trade, there has been a slight strengthening of the rupee against one dollar. The rupee has strengthened by 3 paise and closed at the level of 83.49 against one dollar.

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