India's forex reserves rise for three weeks in a row
Mumbai (Maharashtra), February 5: According to the latest Reserve Bank of India data, India's foreign exchange reserves increased by USD 3.03 billion to USD 576.761 billion in the week ending January 27.
The reserves are currently at multi-month highs, with the most recent three-week increase, according to the RBI's Weekly Statistical Supplement Bulletin. The reserves increased by USD 1.727 billion to USD 573.727 billion during the week ending January 20.
According to the most recent data from the Reserve Bank of India, India's foreign currency assets, the largest component of its forex reserves, increased by USD 2.660 billion to USD 509.018 billion.
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The value of gold reserves increased by USD 316 million to USD 44.027 billion.
The overall forex reserves were around USD 633 billion at the start of last year — 2022.
The RBI's intervention and an increase in the cost of imported goods are responsible for much of the decline. According to reports, the country's foreign exchange reserves reached an all-time high of approximately USD 645 billion in October 2021.
Typically, the RBI will intervene in the market from time to time through liquidity management, including the sale of dollars, in order to prevent a sharp depreciation of the rupee.
Meanwhile, the government stated in the Economic Survey for 2022-23, which was tabled in Parliament on January 31, that foreign exchange reserves are sufficient and external debt is low.
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- ANI
