Foreign exchange reserves reached the highest level of nine months, reserves of $ 586.4 billion

India Forex Reserve Data: There has been a jump in Foreign Exchange Reserves for the second consecutive week. After the week ending April 14, 2023, foreign exchange reserves have increased to $ 586.4 billion. That is, there has been an increase of $ 1.65 billion in foreign exchange reserves this week. Earlier, in the week ending April 7, there was a jump of $ 6.3 billion in foreign exchange reserves.

The Reserve Bank of India has released data regarding foreign exchange reserves, according to which foreign exchange reserves have reached the highest level of nine months at $ 586.4 billion. According to RBI data, there has been an increase of $ 1.58 billion in foreign currency assets and it has increased to $ 516.63 billion. India’s gold reserves have decreased by $ 5.21 million and have come down to $ 46.17 billion.

At the beginning of the year 2022, India’s foreign exchange reserves would have been 633 billion dollars, then in October 2021, the country’s foreign exchange reserves had reached a historic high of 645 billion US dollars. In the midst of global developments, the latter is seeing a decline due to the use of domestic reserves by the central bank to prevent a sharp fall in the exchange rate of the rupee.

The decrease in foreign exchange reserves in the last months is also because imports have become costlier. So due to the strict monetary policy of RBI and Fed Reserve, the rupee has weakened. From time to time, RBI intervenes in the market through liquidity management, in which RBI also sells dollars so that the domestic currency can be saved from further weakening. Announcing the monetary policy on Thursday, RBI Governor Shaktikanta Das had said that if there is an increase in foreign exchange reserves, it will strengthen macroeconomic stability.

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