foreign exchange reserves
About a week ago, the country’s Prime Minister Narendra Modi had not just asked the common people to minimize the use of petrol and diesel, reduce the use of edible oil, not buy gold and silver and avoid foreign trips. His real objective was to save the country’s treasury from becoming empty. Which is present in the form of dollar and gold. The special thing is that the government had already started the work of filling the country’s treasury. The idea of which is clearly visible from the figures.
According to the data released by RBI, there has been an increase of more than 6 billion dollars i.e. more than 60 thousand crore rupees in the country’s forex reserves. The special thing is that after two consecutive weeks of decline, an increase in forex reserves has been seen. Let us also tell you what kind of figures have been released by RBI.
Tremendous increase in forex reserves
Giving information, the Reserve Bank of India said that during the week ending May 8, India’s foreign exchange reserves increased by more than 6.295 billion dollars i.e. 60 thousand crore rupees to 696.988 billion dollars. In the previous week, the total reserves had decreased by $ 7.794 billion to $ 690.693 billion. During the week ending February 27 this year, before the Middle East crisis began, foreign exchange reserves reached an all-time high of $728.494 billion. After this, it declined for several weeks, as pressure on the rupee increased and the Reserve Bank of India (RBI) had to intervene in the foreign exchange market by selling dollars.
Increase in assets and gold reserves also
According to central bank data, in the week ended May 8, foreign currency assets – a key part of reserves – rose by $562 million to $552.387 billion. These foreign currency assets, expressed in dollar terms, also include the effect of appreciation or decline in the value of non-US currencies held in foreign exchange reserves, such as the euro, pound and yen. RBI said that during this week, the value of gold reserves increased by $ 5.637 billion to $ 120.853 billion. The central bank said that Special Drawing Rights (SDRs) also increased by $ 84 million to $ 18.873 billion. According to central bank data, at the end of this week, India’s reserve position with the IMF also increased by $12 million to $4.875 billion.
