Foreign exchange reserves in the Indian treasury are continuously creating records. What is special is that after almost 20 weeks, India’s foreign exchange reserves have seen the largest increase in any week. The last time this was seen in the data released by the RBI on the 15th. Then there was an increase of about 11 billion dollars in foreign exchange reserves in a week. After about 20 weeks, India’s foreign exchange reserves have increased by about 10 billion dollars. Let us also tell you what kind of data the RBI has presented regarding foreign exchange reserves.
Forex Reserve Hits Record High
The country’s foreign exchange reserves rose by over $9.7 billion or Rs 81 billion in the week ending July 12 to the highest ever level of $666.85 billion. Thanks to this, the total monetary reserves increased in the last week by $5.16 billion to $657.15 billion. It crossed the previous highest level of $655.82 billion. What is special is that this is the second consecutive week when the foreign exchange reserves have reached their record level. Before that, in the week of June 7, India’s foreign exchange reserves had crossed $655.82 billion. Which was a new record.
Crossed $650 billion for 7 consecutive weeks
On the other hand, India’s foreign exchange reserves have remained above $650 billion for 7 consecutive weeks. For the first time, this figure was seen in the week ending May 31. Meanwhile, a decline in foreign exchange reserves was also observed, but the figure did not fall below $650 billion. This is a very good sign for India. Since then, foreign exchange reserves have increased by $15.34 billion. According to experts, there may be a further increase in foreign exchange reserves in the coming days.
How much did it increase in the current year?
If we talk about the current year, India’s foreign exchange reserves have increased by $44 billion. India’s foreign exchange reserves stood at $623.2 billion in the week ended December 29, 2023. An increase of about $44 billion has been observed so far. If we talk about July, the foreign exchange reserves increased by $14.85 billion. According to the data, India’s foreign exchange reserves stood at $652 billion in the week ended June 28. Which has now increased to $666.85 billion.
Such a huge increase after 20 weeks
Such a huge increase in foreign exchange reserves has been observed after about 20 weeks. According to the data, in the week ending March 10, there was an increase of $10.47 billion in India’s foreign exchange reserves. Which had created a record for several months. This time the figure reached $9.70 billion. After about 20 weeks, this period has seen the largest increase in any week. If experts are to be believed, such an increase in foreign exchange reserves could be seen in the coming days.
Gold reserves also increased
According to Reserve Bank data, foreign currency assets, considered a major part of foreign exchange reserves, rose by $8.36 billion to $585.47 billion in the week ended July 12. The Reserve Bank said that during the week under review, the value of gold reserves increased by $1.23 billion to $58.66 billion. The RBI said that Special Drawing Rights (SDRs) increased by $76 million to $18.11 billion. The Reserve Bank said that in the week under review, India’s reserve deposits with the International Monetary Fund (IMF) increased by $32 million to $4.61 billion.
