Good News: Foreign Exchange Reserves Witness a Massive Surge, Know How Many Billion Dollars it Has Reached

India Foreign Exchange: India’s foreign exchange reserves have seen a massive surge for the third consecutive week. In these three weeks, it has increased by almost 14 billion dollars.

The country’s foreign exchange reserves have witnessed a massive surge for the third consecutive week. In these three weeks, it has increased by almost 14 billion dollars. According to the data released by the Reserve Bank of India (RBI) on Friday, the foreign exchange reserves increased by 2.299 billion dollars to reach 683.987 billion dollars in the week ended August 30. This is the highest level ever recorded. Prior to this, the foreign exchange reserves had increased by 4.546 billion dollars and 7.023 billion dollars in the weeks ended August 16 and August 23, respectively. Thus, a growth of 13.868 billion dollars has been recorded in three weeks.

What RBI Said

The RBI stated that foreign exchange reserves increased by 1.485 billion dollars to reach 599.037 billion dollars in the week ended August 30. During this period, gold reserves increased by 86.2 billion dollars to reach 61.859 billion dollars.

The Special Drawing Rights (SDR) increased by 90 million dollars to reach 18.468 billion dollars. Meanwhile, the reserve fund with the International Monetary Fund decreased by 58 million dollars to reach 4.622 billion dollars.

Regarding foreign exchange reserves, India ranks fourth after China, Japan, and Switzerland. India’s foreign exchange reserves have consistently increased over the past few years. A strong foreign exchange reserve provides a sense of security to the country during times of crisis. Additionally, it gives the RBI more options to intervene in the market to control any sharp depreciation of the rupee.