India Forex Reserves: India’s foreign currency reserves have increased by $ 2.759 billion to reach $ 623.20 billion on December 29, 2023. This is the seventh consecutive week when an increase in foreign exchange reserves has been seen. Earlier in the week, the foreign exchange fund stood at $620.44 billion. In the last six weeks, there has been an increase of 30.12 billion dollars in the foreign exchange reserves of RBI.
The Reserve Bank of India has released the data of foreign exchange reserves on Friday, January 5, 2023. According to this data of RBI, in the week ending December 29, foreign exchange reserves have increased by $ 2.75 billion to reach $ 623.20 billion. There has also been a big jump in foreign currency assets during the same period. Foreign currency assets increased by $ 1.86 billion to $ 551.61 billion.
This week there has been a jump in the gold reserves of RBI. Gold reserves stood at $48.32 billion with a jump of $853 million. SDR has increased by 38 million dollars to 18.36 billion dollars. Whereas the reserves deposited in the International Monetary Fund (IMF) have decreased and it has come down to 4.89 billion dollars. This increase in foreign exchange reserves has been seen due to the strong increase in FPI investment in recent times.
One of the main reasons for the change in foreign currency assets is the interference of the Reserve Bank of India in the currency market. Besides, the effect of rise or fall in foreign currency assets also affects the data of foreign exchange reserves of RBI. Foreign exchange reserves are now $22 billion away from their October 2021 record high. In October 2021, foreign exchange reserves stood at $645 billion. In the currency market, the rupee has closed at the level of 83.16 against one dollar. On January 5, 2024, the rupee has strengthened by 7 paise against one dollar.
