Diabytes
Forex Reserve News
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India’s forex reserves rose by USD 4.84 billion to USD 702.78 billion, nearing a record high. The increase was led by foreign currency assets and supported by higher SDRs and IMF reserves. These reserves cover 11 months of imports and 96 percentage of external debt, strengthening the rupee and investor confidence.
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The latest RBI data showed that India's foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at USD 578.49 billion.
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This buffer of foreign exchange reserves helps insulate domestic economic activity from global shocks.
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According to the latest data from the RBI released this week, India's foreign currency assets (FCA), the largest component of forex reserves, were at USD 604,144 points.
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In the calendar year 2023, the RBI added about USD 58 billion to its foreign exchange kitty.
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The RBI chief further stated that buoyancy in services exports and strong remittance receipts are expected to keep CAD within a sustainable level in Q1:2024-25.
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A strong Forex kitty enables the RBI to intervene in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fall.
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According to a recent RBI report, India's foreign exchange reserves are now sufficient to cover over 11 months of projected imports.
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RBI Governor Shaktikanta Das on Friday referred to the record foreign exchange reserves as a reflection of the strength of the Indian economy.
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Gold reserves increased USD 269 million to USD 47.481 billion during the week, the RBI said.
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The forex reserves had fallen largely because of the RBI's intervention in the market to defend the depreciating rupee against a surging US dollar.
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On December 9, India's Forex Reserve increases by USD 2.91 billion.
Current India's Forex Reserve is USD 564.07 billion.
Gold reserves during the latest week declined by USD 296 million to USD 40.729 billion.
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Forex reserve helps countries overcome economic instability
It helps maintain stability of domestic currency
It calms investors in times of wars or unrest
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Mallikarjun Kharge claimed that there was a decline of USD 85 billion in the forex reserves in the first half of the fiscal and alleged that India's forex store dipped faster than its peers
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India's Forex reserves falls to $532 billion on September 30.
RBI uses its as a buffer to defend rupee against global market volatility.
This is the lowest level of India`s forex reserves since July 24, 2020.
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Forex reserves comprise of foreign currency assets, gold reserves, SDRs, and the country`s reserve position with the IMF.
On a weekly basis, FCAs edged lower by $1.480 billion to $569.889 billion.
The value of the country's gold reserves inched up by $14 million to $39.405 billion.
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India's foreign reserves crossed the $500 billion mark on Friday for the first time after registering a massive surge of $8.22 billion in the week ended June 5 aided by higher foreign inflows.
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The overall forex reserves declined to USD 412.23 billion from USD 412.82 billion reported for the week ended May 25, according to RBI.
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In the previous week, the reserves had increased by USD 1.148 billion to USD 394.55 billion.
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Gold reserves remained unchanged at USD 19.943 billion.
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