India Forex Reserves: There has been an increase in the country's foreign exchange reserves for the second consecutive week. There has been an increase of $ 2.53 billion in foreign exchange reserves in the week ending November 24, 2023. According to the data of Reserve Bank of India, the foreign exchange reserves have increased by 2.53 billion dollars to reach 597.39 billion dollars which was 595.39 billion dollars last week.
RBI has released the data of foreign exchange reserves on Friday. According to the data, by November 24, 2023, foreign exchange reserves have increased by $ 2.538 billion to reach $ 597.395 billion. Whereas in its first week there was a jump of 5.07 billion dollars in Forex reserves. A big jump has also been seen in foreign currency assets. Foreign currency assets increased by $ 2.14 billion to $ 528.53 billion.
RBI's gold reserves have also increased. RBI's gold reserve stood at $46.33 billion with a jump of $296 million. There is a jump of 87 million dollars in SDR and it is 18.21 billion dollars. The reserves deposited in the International Monetary Fund have increased by 14 million dollars to 4.84 billion dollars.
However, the weakness in the rupee against the dollar has increased the concern of the RBI. On Thursday, the rupee had closed at Rs 83.40 against one dollar, which is a historical low. On Friday, December 1, 2023, the rupee strengthened by 11 paise and closed at the level of 83.29 against one dollar. However, it is a matter of relief for RBI that the prices of crude oil in the international market have fallen and it has come to the level of $ 80 per barrel. It is believed that RBI may intervene in the currency market to control the rupee. Because if the rupee weakens further, imports may become expensive.
In the last two weeks, there has been an increase of about 7.50 billion dollars in foreign exchange reserves. In recent times, investment by foreign portfolio investors in the country has increased. The spectacular rise in the stock market is indicating this.
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