There has been good news regarding the Indian economy and it is related to the country’s income. In fact, the central bank has shared data on foreign exchange reserves on Friday. According to which India Forex Reserve has reached a record high level. This is the fourth week in a row that the figures have seen a jump. If we look at RBI data, the foreign exchange reserves have increased to 689.235 billion dollars in the week ended September 6. The increase in India’s foreign exchange reserves (Forex Reserve) continues continuously. It has now reached close to $700 billion with the increase in the fourth month. In fact, the week ended September 6 saw a massive jump of $5.248 billion. Due to this the reserves reached a new lifetime high of 689.235 billion. The forex reserve figure in this first week was 683.987 billion dollars.
Foreign currency position on RBI figures:
Along with the increase in foreign exchange reserves, India’s other reserves have also seen a rapid increase. During this period Foreign Currency Asset Reserves (FCAs) increased by $5.107 billion and now stands at a new level of $604.144 billion. Notably, FCA also includes the effect of fluctuations in non-US currencies such as the euro, pound and yen held in foreign currency reserves.
Big increase in gold reserves:
Along with the forex reserves, the Reserve Bank of India while presenting the data informed that the gold reserves of the country have also increased by 129 million dollars and due to this it has become 61.988 billion dollars. Along with this, the gold deposited in the government or government bank is ‘Gold Reserve’. It is deposited to support the Indian currency. Gold reserves protect against inflation for growing countries and support the economy. Other statistics are also included in the central bank data. One of these is Special Drawing Rights (SDR), which increased by $4 million to $18.472 billion thereafter. With this, India’s deposits with the International Monetary Fund (IMF) increased by $9 billion to $4.631 billion in the week ended September 6.
