RBI’s forex reserves jump by $7 billion to reach $596 billion

India Forex Reserve News: In the week ending May 5, there has been a tremendous jump in India Forex Reserve. Foreign exchange reserves have reached $ 595.97 billion with a jump of $ 7.19 billion. Whereas in the week ending April 28, 2023, there was $ 588.78 billion in foreign exchange reserves. If this trend continues in the foreign exchange reserves, then soon it can cross the level of 600 billion dollars.

According to the data done by RBI (Reserve Bank of India), there has been an increase of $ 6.53 billion in foreign currency assets and it has increased to $ 526.02 billion. Gold reserves have also increased and it has reached $ 52.67 billion with a jump of $ 5.2 billion. Reserves in the IMF remained $ 5.19 billion during this period. Foreign exchange reserves have increased but it is still $ 49 billion less than its historical high. Let us tell you that in October 2021, the country’s foreign exchange reserves had reached the highest level of US $ 645 billion.

Since October 2021, there was a decline in foreign exchange reserves. To stop the ongoing weakness in the rupee against the dollar, the RBI had to sell dollars from its funds, which came down to the level of $ 525 billion. But foreign investors are returning to India. Due to the boom in foreign investment and foreign portfolio investment, there has been a rise in foreign exchange reserves.

While announcing the monetary policy in the month of April, RBI Governor Shaktikanta Das had said that if there is an increase in foreign exchange reserves, it will strengthen the macroeconomic stability. Earlier on Friday, May 12, the rupee closed at a level of Rs 82.16 against the dollar with a weakness of 6 paise.

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