India’s Forex Reserves Surge to $619 Billion

India’s forex reserves experienced a notable increase, rising by $2.975 billion to reach $619.072 billion for the week ending February 23, as reported by the Reserve Bank of India (RBI). This surge follows a previous week where reserves had slightly decreased by $1.132 billion.

Major Components

1. Foreign Currency Assets:

  • Increased by $2.405 billion to $548.188 billion.
  • Foreign currency assets encompass various currencies such as the euro, pound, and yen, reflecting their valuation against the US dollar.

2. Gold Reserves:

  • Rose by $472 million to $47.848 billion during the week.

3. Special Drawing Rights (SDRs):

  • Witnessed an uptick of $89 million to $18.197 billion.

4. Reserve Position with the IMF:

  • Expanded by $9 million to $4.839 billion.

Historical Perspective

India’s forex reserves achieved an all-time high of $645 billion in October 2021, marking a significant milestone in the country’s economic landscape.

 

 

 

 

piyush

Recent Posts

World’s AIDS Vaccine Day 2024: Date, Theme, History and Significance

World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on…

2 days ago

Coal India, NMDC, ONGC Videsh Seek Overseas Critical Mineral Assets

The Indian government has announced plans for public sector companies like Coal India, NMDC, and…

2 days ago

India’s April Trade Performance: Exports Inch Up, Trade Deficit Widens

In April, India's merchandise exports saw a modest 1% increase, reaching $34.99 billion, driven by…

2 days ago

DPIIT Reports Over 7 Million Transactions on ONDC Platform in April

The Open Network for Digital Commerce (ONDC), a digital infrastructure initiative launched in 2021, has…

2 days ago

SBI Raises Short-Term Retail Fixed Deposit Rates Amidst Economic Shifts

In response to rising credit demand and falling liquidity, State Bank of India (SBI) has…

2 days ago

Indian Army Set to Receive Russian Igla-S Air Defence Systems

The Indian Army is poised to elevate its air defense capabilities with the impending delivery…

2 days ago