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Reading: India’s  foreign exchange  reserves  increase  by  a total of $58  billion  by  2023 
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India’s  foreign exchange  reserves  increase  by  a total of $58  billion  by  2023 

Team Happen Recently
Last updated: 2023/12/31 at 10:31 AM
Team Happen Recently
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According to the latest data released by the Reserve Bank of India,  India’s foreign exchange reserves increased by USD 4.471 billion to USD 620.441 billion in the week  ended  December 22, 2023,  reaching  a 21-month  high . In calendar year 2023, the RBI added about $58 billion to its foreign exchange fund. 

 New Delhi [India], December 31: 

 According to  the latest data released by the Reserve Bank of  India,  India’s foreign exchange reserves increased by USD 4.471 billion to USD 620.441 billion in the week  ended  December 22, 2023,  reaching  a 21-month  high .  In  calendar year 2023, the RBI added about  $58  billion to its foreign exchange  fund.  

 Last week, India’s foreign  exchange  assets (FCA), the  largest  component of  foreign exchange  reserves,  increased by $4.698  billion to  $549.747  billion,  according to  the central bank’s weekly statistical  data.  In 2022, India’s  foreign exchange currency fell by a total of $71 billion.  

  However, gold  reserves during the  week decreased  by  102 million  USD  to  474.74  billion USD.  

  Foreign exchange  reserves, or foreign exchange reserves  (foreign exchange  reserves), are assets  held by a  country’s  central bank or monetary authority. 

  It is  typically  held in reserve currencies,  typically  the US  dollar and  to a lesser  extent  the Euro, Japanese  Yen  and  British Pound.  

 Before last  week ending  December 15, India’s foreign exchange reserves increased by  $9.112  billion to  $615.971  billion.  In October 2021, the country’s foreign exchange reserves  reached  an all-time high of about  $645  billion. Much of the decline,  although not significant  on a cumulative basis, since then can be attributed to  rising prices  of imported goods in 2022. 

  Furthermore,  the relative  decline  in  foreign exchange  reserves  is  largely due to the RBI’s  occasional intervention  in the market to  hedge  the subsequent depreciation  of  the rupee against  the appreciation of the  US dollar. 

  In general,  the  RBI sometimes  intervenes in the market through liquidity management, including  selling  dollars, to avoid sharp depreciation  of  the rupee.  

 The RBI closely monitors the foreign exchange  market  and intervenes only to maintain orderly market conditions by  preventing  excessive volatility in  exchange  rates  without reference to  an established  target level or band.  Predefined.

 For more  information,  visit at https://happenrecently.com/zepto/?amp=1

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