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India Forex Reserves: Good news for India, foreign exchange reserves jump by $14.72 billion

India Foreign Currency Reserves: There is good news for India. There has been a tremendous jump in India Forex Reserves. In the week ending November 11, 2022, there has been a jump of $ 14.72 billion in foreign exchange reserves. According to RBI (Reserve Bank Of India), foreign exchange reserves have increased by $ 14.72 billion to reach $ 544.715 billion. Earlier, in the week ended November 4, the foreign exchange reserves had decreased by $ 1.09 billion to $ 529.99 billion. Foreign currency assets, which are considered a major part of the total reserves, have increased by $ 11.8 billion to $ 482.53 billion. Gold reserve has increased by $ 2.64 billion to reach $ 39.70 billion.

If we look at the reasons for the big increase in India’s foreign exchange reserves, it is believed that RBI has made a tremendous purchase of dollars in recent times. So there has been a brake on the strength of the US dollar, in such a situation foreign exchange reserves have also increased due to the revolution gain. Earlier, in the week ending October 28, 2022, foreign exchange reserves had increased by $ 6.56 billion and had increased to $ 531.08 billion, which was the biggest jump after September 2021.

India’s foreign exchange reserves were $ 607 billion in March this year, which is $ 97.73 billion less than $ 642.45 billion as of September 3, 2021. However, there was a decline of $ 117.93 billion in the week ended October 21 when foreign exchange reserves came down to $ 524.52 billion. And the improvement in the reserve is being seen from those levels. Out of the last 13 weeks, there has been a decline in foreign exchange reserves in 11 weeks. There was a continuous decline in foreign exchange reserves after expensive imports and the Russia-Ukraine war.

In fact, in order to save the rupee from falling against the dollar, the RBI had to intervene and sell dollars, due to which there was a decrease in foreign exchange reserves. Although the US Federal Reserve has been increasing interest rates to curb inflation, the dollar will continue to strengthen. Many experts believe that foreign exchange reserves may fall to $ 510 billion.

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