- Foreign exchange reserves rose $ 5.87 billion to $ 551.51 billion
- Foreign assets $ 5.74 billion, gold reserves rise by $ 11.3 million
new Delhi. There has been a tremendous increase in the country’s foreign exchange reserves (Forex Resrve at Record Level) due to reducing imports, increasing exports and increasing foreign investment. The increase in foreign exchange reserves for the second consecutive week has crossed record levels. On the other hand, gold reserves and foreign assets have also increased. Let me tell you that the corona virus continues to wreak havoc in the country. At the same time, due to deteriorating relations with China, imports are falling significantly. Due to which the foreign exchange reserves in the country have seen a boom. Let us also tell you what kind of data has been released by the Reserve Bank.
Foreign exchange reserves reached record levels
The country’s foreign exchange reserves crossed the $ 550 billion mark for the first time in the week ended 09 October, with foreign exchange assets rising by more than five billion dollars. According to data released by the Reserve Bank, the country’s foreign exchange reserves rose by $ 5.87 billion to $ 551.51 billion for the week ended 09 October. This is the second consecutive week when it has increased. Earlier, in the week ended October 02, it had increased by $ 3.62 billion to $ 545.64 billion.
Increase in asset and gold reserves also
The central bank reported that in the week ended October 09, the largest component of foreign exchange reserves, foreign currency assets increased by $ 5.74 billion to reach $ 508.78 abar. Gold reserves also increased by $ 11.3 million to $ 36.60 billion. The International Monetary Fund Pass Reserve Fund increased by $ 13 million to $ 4.64 billion and the Special Drawing Rights increased by $ 4 million to $ 1.48 billion.