Foreign Currency Reserves Increases By 6 Billion Dollar To 622.46 Billion Dollar Says RBI Data

India Forex Reserves: There has been a big jump in foreign currency reserves. Banking sector regulator Reserve Bank of India released the data and said that in the week ending February 2, 2024, foreign exchange reserves have increased by $ 5.73 billion to reach $ 622.46 billion.

RBI (Reserve Bank of India) has released the data of foreign exchange reserves on Friday, February 9, 2024. According to this data, for the week ending February 2, the foreign exchange reserves have increased by 5.736 billion dollars to 622.469 billion dollars, which was 616.733 billion dollars in the previous week. According to RBI data, there has been a strong increase in foreign currency assets during this period. Foreign currency assets have increased by 5.186 billion dollars to 551.133 billion dollars. In October 2021, foreign exchange reserves had made a record high of $645 billion.

There has been a strong increase in the gold reserves of RBI during this period. Gold reserves have increased by $608 million to $48.08 billion. However, there has been a decline in SDR and it has come down to $18.18 billion. Whereas there has been no change in the reserves deposited in the International Monetary Fund (IMF) and it remains at the level of $ 4.86 billion.

After the intervention of RBI, changes are seen in foreign currency assets. Due to interference in currency markets, foreign currency assets increase or decrease, which impacts the foreign exchange reserves of RBI. Earlier, while announcing the monetary policy on 8 February 2024, the RBI Governor said that we are fully capable of meeting the external financing needs.

On February 9, 2024, a weakness in the rupee against the dollar was seen in the currency market. The rupee closed at the level of 83.03 with a weakness of 4 paise against one dollar.

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