Thursday, February 29th, 2024

Record jump in India’s foreign exchange reserves


Photo:India TV Record jump in country’s foreign exchange reserves

This month is good for the development of India in many ways. A decline in inflation data was also seen in India this month. Now there has been a record jump in foreign exchange reserves. Reversing the declining trend, the country’s foreign exchange reserves increased by $14.72 billion to reach $544.72 billion in the week ended November 11. This is the fastest growth since August 2021. The Reserve Bank of India (RBI) gave this information on Saturday.

There was a decline after March

However, the forex reserves have declined by over $110 billion since March. This decrease has happened due to the support of the rupee by the RBI amid global volatility. According to RBI data, foreign exchange reserves rose by $14.72 billion to $544.72 billion in the week ended November 11. On November 4, it was at the level of $ 529.99 billion.

Central bank gave information

The central bank said foreign currency assets (FCAs) increased by $11.8 billion to $482.53 billion during the week under review. The value of gold reserves increased by $ 2.64 billion to $ 39.70 billion. Earlier, in the week ended October 21, the foreign exchange reserves had decreased by $ 117.93 billion to $ 524.52 billion. The RBI sold foreign exchange worth $10.36 billion on a net basis in September. In September, the rupee fell from 79.5 to 81.5 against the dollar. It had fallen to a record low of 83.29 in October. Thereafter, the rupee appreciated by 2.3 per cent between October 21 and November 11 and fell by 10 paise to close at 81.74 on Friday.

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