India’s Forex Reserves Increase by $1.15 Billion to $585.89 Billion

- Advertisement -

India’s foreign exchange reserves increased by $1.153 billion to $585.895 billion during the week ended October 13, according to the RBI data. This is the first increase in forex reserves in several weeks.

The increase in forex reserves is attributed to a rise in gold reserves, which were up by $1.268 billion to $43.575 billion during the week. Special Drawing Rights (SDRs) also increased by $72 million to $17.995 billion.

Foreign currency assets, a major component of the reserves, decreased by $178 million to $519.351 billion during the week. Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

- Advertisement -

India’s reserve position with the IMF was down by $8 million to $4.975 billion in the reporting week.

The increase in forex reserves is a positive development for the Indian economy. It shows that the country has enough foreign exchange reserves to meet its external obligations and to withstand any shocks in the global financial markets.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

ED arrests Husband of Senior IPS Officer in Rs 263 Crore Fraud Case

Enforcement Directorate Arrests Husband of Senior IPS Officer in Rs 263 Crore Income Tax Refund Fraud Case

Retirement Planning: Invest Rs.3500 in NPS per month and get Rs.40,000 pension

Retirement Planning: Invest Rs.3500 in NPS per month and get Rs.40,000 pension

RBI infuses Rs 7.75 trillion via VRR

RBI Conducts Repo Auction to Address Rising Liquidity Deficit

SBI changes Loan Rules, Customers will have to pay more for Loan

SBI changes Loan Rules, Customers will have to pay more for Loan

Rules changed for Public Sector Enterprises, Now Finance Minister will grade CPSEs

Rules changed for Public Sector Enterprises, Now Finance Minister will grade CPSEs

Meet Priyanka Gupta who left her corporate job to fulfill her passion

Meet Priyanka Gupta who left her corporate job to fulfill her passion

Female Cashier handling all work of Branch alone, Huge staff shortage in Bank

Female Cashier handling all work of Branch alone, Huge staff shortage in Bank

Tata Power looking for $1 Billion Loan for new projects

Tata Power Plans to Raise $1 Billion for Clean Energy Projects in India

Google invests $350 Million in Flipkart

Google Invests $350 Million in Flipkart, Boosting Indian E-commerce Startup

Make in India! Google will start Manufacturing Pixel Smartphones in India

Google to Manufacture Pixel Smartphones and Drones in India

Latest News