Good news has come for the foreign exchange reserves in the country’s economic front.
It has exceeded 534 billion dollars and has reached the highest level ever.
Mumbai: Bad news continues to come from all corners of the country on the economic front and people are feeling disappointed on the financial front. Meanwhile, good news has come on the foreign exchange reserves front. The country’s foreign exchange reserves have reached a record high of $ 534.57 billion during the week ended July 31, with a strong increase of $ 11.94 billion. This information was given in the latest data of the Reserve Bank of India on Friday.
Explain that while announcing the monetary policy on Thursday, Reserve Bank of India Governor Shaktikanta Das said that the foreign exchange reserves of $ 534.6 billion is equal to the import expenditure of 13.4 months. He said that in the financial year 2020-21 so far (till July 31), there has been an increase of $ 56.8 billion in the currency reserves.
Foreign exchange reserves
rose by $ 4.993 billion to $ 522.630 billion in the week ended July 24 , up from $ 500 billion for the first time . Earlier, for the first time in the week ended June 5, the country’s foreign exchange reserves had gone above the $ 500 billion level.
The reason for the increase in the country’s foreign exchange reserves is the increase in foreign currency assets (FCA) in the week ending 31 July, which forms an important part of the total reserves. According to Reserve Bank data, foreign currency assets increased by $ 10.35 billion to $ 490.83 billion in the week under review. According to the Reserve Bank, gold reserves rose by $ 1.53 billion to $ 37.63 billion in the week under review.
Reserve Bank figures show that the special drawing rights in the International Monetary Fund increased by $ 12 million to $ 1.48 billion in the week under review, while the country’s reserve reserves in the IMF increased by $ 54 million to $ 4.64 billion.
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