Foreign exchange reserves reached 2 year high, reserves increased by 6.39 billion dollars to 642.49 billion dollars

Foreign exchange reserves reached 2 year high, reserves increased by 6.39 billion dollars to 642.49 billion dollars

India Forex Reserves: According to the data of the banking sector regulator Reserve Bank of India, there has been a strong jump in the foreign exchange reserves in the week ending March 15. Forex reserves have increased by $ 6.39 billion to the level of $ 642.49 billion and are just $ 2.50 billion away from touching the old historical high. 

On March 22, 2024, RBI has released the data of foreign exchange reserves for the week ending March 15, 2024. According to this data, during this period, foreign exchange reserves have increased by 6.396 billion dollars to 642.492 billion dollars. If we look at the figures, there has been an increase of 16.86 billion dollars in the country's foreign exchange reserves within 15 days. In its first week, an increase of 10.47 billion dollars was seen in the foreign exchange reserves.

According to RBI data, there has been a jump of 6.03 billion dollars in foreign currency assets during this period and it has come to 568.38 billion dollars. There has also been a surge in gold reserves. Gold reserves have increased by $425 million to $51.14 billion. There has been an increase of 65 million dollars in SDR and it is 18.27 billion dollars. The reserves with the IMF have decreased and are 4.68 billion dollars with a decrease of 129 million dollars. 

RBI's foreign exchange reserves are only $2.50 billion less than the record high of $645 billion in October 2021. It is expected that as foreign portfolio investment has increased this week, RBI's foreign exchange reserves may cross the previous historical high next week.  After the sharp rise in commodity prices after the start of the Russia and Ukraine war, there was a big decline in the foreign exchange reserves of RBI and it came down to 525 billion dollars.

Fluctuations in foreign exchange reserves are seen due to many reasons. RBI also had to intervene to stop the weakness in the rupee against the dollar, due to which there is a decrease in foreign exchange reserves. Whenever RBI intervenes to control the domestic currency or to stop its decline against the dollar, a change in the foreign exchange reserves is seen. 

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