India Forex Reserves: Foreign exchange reserves have reached a four-month high. With an increase of $6 billion, foreign exchange reserves have crossed $600 billion. According to RBI data, forex reserves have increased by $ 6.10 billion to $ 604.04 billion in the week ending December 1, 2023. This is the third consecutive week that an increase in forex reserves has been seen.
Banking sector regulator RBI has released the data of foreign exchange reserves on Friday. According to the data, as of December 1, the foreign exchange reserves have come down to $604.04 billion, which was $597.395 billion in the first week. A big jump has also been seen in foreign currency assets. Foreign currency assets increased by $5.07 billion to $533.61 billion.
RBI's gold reserves have increased. RBI's gold reserve stood at $47.32 billion with a jump of $991 million. There is a jump of 32 million dollars in SDR and it is 18.25 billion dollars. Whereas the reserves deposited in the International Monetary Fund have increased by 5 billion dollars to 4.85 billion dollars.
Earlier, while announcing the monetary policy, RBI Governor Shaktikanta Das said that India's foreign exchange reserves are playing a big role in protecting it from external shocks. He said that we are confident that we will be successful in meeting our external financing needs. Earlier on December 8, the rupee currency market closed at the level of Rs 83.38 with a weakness of 1 paise against one dollar.
A big fall in crude oil prices will also save foreign exchange reserves. Government oil companies will need less dollars to buy crude oil, which will save foreign exchange. Crude oil has fallen to around $75 per barrel.
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