Highlights:
$3.03 billion jump in forex reserves
FCA increased by $ 2.66 billion to $ 509.01 billion
The value of gold reserves increased by $ 316 million to $ 44.027 billion
New Delhi. Good news has been received for the third consecutive week on the foreign exchange reserve front. In fact, the country’s foreign exchange reserves increased by $3.03 billion to $576.76 billion during the week ended January 27. The Reserve Bank of India (RBI) gave this information on Friday.
This is the third consecutive week when foreign exchange reserves have increased. Last week, foreign exchange reserves had increased by $ 1.72 billion to reach $ 573.727 billion. Significantly, in October 2021, foreign exchange reserves had reached an all-time high of $ 645 billion. It declined later as the central bank used reserves to counter a sharp fall in the rupee’s exchange rate amid global developments.
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FCA increased by $ 2.66 billion
According to RBI’s weekly data, foreign currency assets ie FCA (Foreign Currency Assets), considered an important part of the total currency reserves, increased by $ 2.66 billion to reach $ 509.01 billion in the week ended January 27. Denominated in dollars, FCA also includes the effect of appreciation or depreciation in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves.
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Gold reserve increased by $ 316 million
Apart from this, the value of gold reserve increased by $ 316 million to $ 44.027 billion in the reporting week. According to the data, the Special Drawing Right (SDR) increased by $46 million to $18.478 billion. In the reporting week, the country’s currency reserves kept with the International Monetary Fund (IMF) increased by $ 11 million to $ 5.23 billion.
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FIRST PUBLISHED : February 05, 2023, 15:02 IST