India Forex Reserves: There has been an increase in Foreign Currency Reserves once again. According to the data released by the Reserve Bank of India, on the week ending June 16, 2023, foreign exchange reserves have increased by $ 2.35 billion to reach $ 596.09 billion. Earlier, in the week ending June 9, the foreign exchange reserves had come down to $ 593.74 billion.
RBI (Reserve Bank Of India) has released the figures of foreign exchange reserves, according to which the foreign exchange reserves have increased by $ 2.35 billion and stood at $ 596.09 billion. According to RBI data, Foreign Currency Assets have come up to $ 527.65 billion with a jump of $ 2.57 billion. However, there has been a decline in Gold Reserves during this period.
Gold reserves have decreased by $ 324 million to $ 45.04 billion. Reserves with the IMF have seen an increase of $34 million and have increased to $5.14 billion. India’s highest level of foreign exchange so far was seen in October 2021 when foreign exchange reserves reached $ 645 billion.
In 2022, after the weakness in the rupee against the dollar, the RBI had to sell dollars, due to which there was a decrease in foreign exchange reserves. Due to the selling of foreign investors, the foreign exchange reserves had come down to $ 525 billion. However, due to heavy investment by foreign investors from the lower level, there has been an increase in foreign exchange reserves.
On Friday, June 23, 2023, weakness has been seen in the exchange market due to selling of foreign investors in the rupee against the dollar. The rupee has closed at Rs 82.03 against a dollar with a slight weakness of 7 paise. Earlier in the session, the rupee had closed at the level of 81.96.
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