India Foreign Currency Reserves Rises To 642.63 Billion Dollar Says RBI Data

India Forex Reserves: There has been an increase in foreign exchange reserves. In the week ending March 22, RBI's forex reserves increased by $ 140 million to reach $ 642.63 billion. This is the highest level of foreign exchange reserves in the last two years.

On March 29, 2024, the banking sector regulator Reserve Bank of India has released the data of foreign exchange reserves. RBI said that during this period, foreign exchange reserves have increased by 140 million dollars to 642.63 billion dollars, which was 642.492 billion dollars in the first week. However, according to RBI data, there has been a decline in foreign currency assets during this period. Foreign currency assets have declined by $123 million to $568.26 billion. There has also been a surge in gold reserves. Gold reserves have increased by $347 million to $51.48 billion. There has been a decrease in SDR and it has decreased by 57 million dollars to 18.21 billion dollars. The reserves with the IMF have also decreased and have decreased by 27 million dollars to 4.66 billion dollars.

In October 2021, RBI's foreign exchange reserves had reached a record high of $ 645 billion. After the sharp rise in commodity prices after the start of the Russia and Ukraine war, there was a big decline in the foreign exchange reserves of the RBI and it came down to 525 billion dollars. At present the forex reserve is very close to that record. . In the coming days, it is expected that there may be a further increase in foreign exchange reserves.

It is believed that after the record fall of rupee against dollar, RBI has sold dollars in recent days to support the rupee. RBI also had to intervene to stop the weakness in the rupee against the dollar, due to which there is a decrease in foreign exchange reserves. Changes in foreign exchange reserves occur when the RBI intervenes to control the domestic currency or to stop its fall against the dollar.

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