India Forex Reserves: After two weeks of decline, once again there has been an increase in India’s foreign exchange reserves. According to the data released by the Reserve Bank of India, the regulator of the banking sector, in the week ending June 2, there has been a jump of $ 5.92 billion in foreign exchange reserves. Foreign exchange reserves have increased to $ 595.06 billion, which was $ 589.13 billion last week.
Giving information about the figures of foreign exchange reserves, RBI (Reserve Bank of India) said that with a jump of $ 5.92 billion, foreign exchange reserves came to $ 595.06 billion. According to the data released by RBI, Foreign Currency Assets have increased by $ 5.27 billion and have increased to $ 526.20 billion. Gold Reserves have also declined. The gold reserve has increased by $6.55 billion and its value has reached 41.70 billion. Reserves with the IMF stood at $5.12 billion, an increase of $10 million. In October 2021, the country’s foreign exchange reserves had reached the highest level of US $ 645 billion and there was a big decline in foreign exchange reserves from that level.
After October 2021 till October 2022, there was a continuous decline in foreign exchange reserves. After Russia’s attack on Ukraine, there was a huge weakness in the rupee against the dollar, due to which the RBI had to sell dollars from its funds to strengthen the rupee. In November 2022, foreign exchange reserves had come down to the level of $ 525 billion. The RBI governor also defended the decision to sell dollars with the logic of stability in the exchange rate. On Friday, June 9, 2023, with the strength of 12 paise, the rupee has closed at the level of Rs 82.46 against one dollar.
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