India Forex Reserves: India's foreign exchange reserves have reached a high of 21 months. In the week ending December 22, 2023, a big jump has again been seen in the foreign exchange reserves and it has increased by $ 4.47 billion to reach $ 620.44 billion. In its first week, foreign exchange reserves were 615.97 billion dollars.
Reserve Bank of India has released the data of foreign exchange reserves on Friday, December 29, 2023. According to this data of RBI, in the week ending December 29, foreign exchange reserves have increased by 4.47 billion dollars to reach 620.44 billion dollars. This is the sixth consecutive week when an increase in foreign exchange reserves has been seen. There has also been a big jump in foreign currency assets. Foreign currency assets stood at $549.74 billion with a jump of $4.69 billion.
RBI's gold reserves have declined. Gold reserves have come down to $47.47 billion with a decrease of $102 million. SDR has increased by 4 million dollars to 18.32 billion dollars. Whereas the reserves deposited in the International Monetary Fund have decreased and it has come down to 4.89 billion dollars.
One of the major reasons for the surge in foreign exchange reserves includes the increase in foreign portfolio investment. Its effect is visible in the form of boom in the Indian stock market where the market is trading at new record high. Experts believe that the flow of investment from foreign investors will remain the same in 2024 also. Foreign exchange reserves are now $25 billion away from their October 2021 record high. In October 2021, foreign exchange reserves had reached the level of 645 billion dollars.