India’s Foreign Exchange Reserves Rise to USD 606.859 Billion

India's Foreign Exchange Reserves Rise to USD 606.859 Billion

Asif Iqbal | December 15, 2023 | 06:59 PM IST | Breaking News | Follow on Google News

India’s Foreign Exchange Reserves Rise to USD 606.859 Billion.image/ANI

India’s Foreign Exchange Reserves Rise to USD 606.859 Billion

According to the Reserve Bank of India’s data released on Friday, India’s overall foreign exchange reserves increased by USD 2.816 billion to reach USD 606.859 billion in the week ending December 8, 2023.

The major component, foreign currency assets, witnessed a rise of USD 3.089 billion, reaching USD 536.699 billion, as per the central bank’s weekly statistical report.However, gold reserves experienced a decline during the same week, decreasing by USD 199 million to stand at USD 47.130 billion. Before the week ending December 8, India’s total foreign exchange reserves had risen by USD 6.107 billion to USD 604.042 billion.

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India had reached a record high in foreign exchange reserves of nearly USD 645 billion in October 2021. The subsequent decline was partly due to increased costs of imported goods in 2022. Additionally, the reduction in forex reserves was influenced by the Reserve Bank of India’s intervention in the market to counter the rupee’s depreciation against a strengthening US dollar.

The RBI’s intervention in the foreign exchange markets aims to maintain stability and prevent excessive volatility in the exchange rate, without setting any specific target level or band for the exchange rate.

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Asif Iqbal

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