India Forex Reserves: India’s foreign exchange reserves have once again managed to cross $600 billion. In the week ending July 14, 2023, foreign exchange reserves have increased by $ 12.74 billion to reach $ 609 billion. RBI has given this information by releasing the data. Earlier, in the week ending July 7, 2023, there was an increase of $ 1.23 billion in foreign exchange reserves. For the week ending June 30, 2023, the foreign exchange reserves stood at $ 1.85 billion.
On Friday, July 21, 2023, RBI released the data of foreign exchange reserves. According to these figures, the foreign exchange reserves increased by $ 12.74 billion to reach $ 609.022 billion in the week ending July 14. According to RBI data, Foreign Currency Assets have come to $ 540.16 billion with a jump of $ 11.198 billion. Gold Reserves have also seen an increase of $1.13 billion. The gold reserve has come to $45.19 billion with a jump of $1137 million. The SDR has been $18.48 billion. According to the RBI, the reserves with the IMF have increased by $158 million. And it has increased to $5.17 billion. India’s highest level of foreign exchange so far was seen in October 2021 when foreign exchange reserves reached $ 645 billion.
But after October 2021, especially after Russia’s attack on Ukraine, due to the rapid rise in commodity prices, there was a decrease in dollar reserves as India had to import crude oil at a higher price. At the same time, RBI had to sell dollars to arrest the weakness in the rupee. In Friday’s trade, there has been a slight strengthening of the rupee against one dollar. The rupee had closed at 81.95 against a dollar, which had closed at 81.99 on its first day.
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