India’s foreign exchange reserves have once again managed to cross $ 600 billion. In the week ended July 14, 2023, the foreign exchange reserves increased by $ 12.74 billion to $ 609 billion. RBI has given this information by releasing data. Earlier, in the week ended July 7, 2023, there was an increase of $ 1.23 billion in foreign exchange reserves. In the week ended June 30, 2023, the reserves stood at $1.85 billion.
On Friday, July 21, 2023, the Reserve Bank of India (RBI) released data on the foreign exchange reserves, which showed an increase of $12.74 billion to $609.022 billion in the week ended July 14. According to RBI data, foreign currency assets (foreign currency assets) rose by $ 11.198 billion to $ 540.16 billion.It has also seen an increase of $ 1.13 billion. Gold reserves have jumped by $ 1137 million to $ 45.19 billion. SDR stands at $18.48 billion. According to the RBI, the reserve position with the IMF increased by $158 million to $5.17 billion, with India’s foreign exchange reserves touching an all-time high of $645 billion in October 2021.
But after October 2021, and especially after Russia’s attack on Ukraine, there was a sharp jump in commodity prices due to which the dollar reserve was reduced because India had to import crude oil at a higher price. At the same time, the RBI had to sell the dollar to stop the weakness in the rupee. In Friday’s trade, the rupee has seen a slight strength against a dollar. The rupee had closed at 81.95 against a dollar, which had closed at 81.99 on the previous day.
