Foreign exchange reserves rise sharply, up $591 million in a week – India TV Hindi

Foreign Exchange Reserves- India TV Paisa
Photo: Canva Foreign exchange reserves have increased.

Last week saw a huge jump in the country’s foreign exchange reserves. The country’s foreign exchange reserves rose by $591 million to $616.733 billion in the week ended January 26, the Reserve Bank of India (RBI) said on Friday. Total foreign exchange reserves fell by $2.795 billion to $616.143 billion a week earlier.

Let us tell you that foreign exchange reserves are very important for any country. It is used to keep the country’s currency stable against other foreign currencies. Apart from this, it is also used to protect the country from global crises.

Increase in gold reserves

According to Reserve Bank data, in the week ended January 26, foreign currency assets, a significant part of currency reserves, increased by $289 million to $546.144 billion. Foreign currency assets denominated in dollar terms include the effects of movements in foreign exchange reserves in non-US currencies such as the euro, pound and yen.

According to the Reserve Bank, gold reserves increased by $269 million to $47.481 billion in the week under review. Special Drawing Rights (SDR) increased by $27 million to $18.248 billion during the period. In the week under review, India’s reserve holdings with the International Monetary Fund increased by $6 million to $4.86 billion.

Off the top level

The country’s foreign exchange reserves reached an all-time high of $645 billion in October 2021. But last year the Reserve Bank had to use a part of this reserve to manage the rupee amid a global boom.

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