forex update, India’s forex Reserves Hit a Record High of $642.63 Billion.
(image:- current affairs adda)
During the week ending March 22, gold reserves increased $347 million to $51.487 billion, while special drawing rights (SDRs) decreased by $57 million to $18.219 billion.
The most recent RBI data shows that India’s foreign exchange reserves increased by $140 million in the week ending March 22 to reach an all-time high of $642.631 billion. This is the fifth week in a row that the total reserves have increased. The previous reporting week had a $6.396 billion boost to $642.492 billion for the cat.
(image:- Retures)
The previous top level of the nation’s foreign exchange reserves was $642.453 billion, which was achieved in September 2021. The reserves suffered as a result of the central bank using the kitty to protect the rupee from pressure brought on mostly by events that have occurred globally since last year.
According to statistics issued on Friday, the foreign currency assets, which make up a significant portion of the reserves, dropped by $123 million to $568.264 billion for the week ending March 22.
The effect of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves’ appreciation or depreciation is included in the foreign currency assets, which are expressed in terms of dollars.
(image:- NDTV)
forex update, India’s forex Reserves Hit a Record High of $642.63 Billion.
During the week, gold reserves increased $347 million to $51.487 billion. According to the RBI, the value of the special drawing rights (SDRs) decreased by $57 million to $18.219 billion.
According to RBI statistics, India’s reserve position with the IMF decreased by $27 million to $4.662 billion during the reporting week.
The rupee closed the week at 83.40 versus the US dollar on March 29.
The executive director of Finrex Treasury Advisors LLP and head of treasury, Anil Kumar Bhansali, stated: “The rupee is expected to remain range bound to weak with market watching RBI support at 83.40.
” Next week’s range is anticipated to be in the region of 83.25-83.50. Importers must purchase dips in order to protect their separate holdings, while exporters are anticipated to sell in the near future at present levels.
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