Foreign Exchange Reserves: India’s foreign exchange reserves have reached a historic high. Releasing the data, RBI said that in the week ending July 5, 2024, foreign exchange reserves have increased by $ 5.158 billion to reach $ 657.155 billion, which was $ 651.997 billion in the previous week. This is the seventh consecutive week when foreign exchange reserves remain above $650 billion.
Banking sector regulator Reserve Bank of India has released the data of foreign exchange reserves for the week ending July 5, 2024. According to this data of RBI, the total forex reserves have increased by $ 5.158 billion to reach $ 657.155 billion. A huge jump has also been seen in foreign currency assets. Foreign currency assets have increased by $ 4.22 billion to reach $ 577.110 billion.
There has also been a strong increase in the gold reserve of RBI during this period. RBI’s gold reserves have increased by $904 million to $57.43 billion. There has been an increase of 21 million dollars in SDR while the reserves deposited with the International Monetary Fund (IMF) have increased by 4 million dollars to 4.578 billion dollars.
Earlier, when the data of foreign exchange reserves was declared on June 14, 2024, it had made a high of $ 655.81 billion. But this time that level has also been crossed. Whenever RBI intervenes in the currency market to prevent weakness or fall in the domestic currency, a change is seen in the foreign exchange reserves. On Friday, the rupee strengthened against the dollar in the currency market. The rupee has strengthened by 3 paise and closed at the level of 83.48 against one dollar, which had closed at the level of Rs 83.51 in the last session.
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