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India Forex Reserves surge, reach $550.14 billion with an increase of $2.89 billion

India Forex Reserves: Foreign exchange reserves have increased for the third consecutive week. The figures of the country’s foreign exchange reserves have been released by the Reserve Bank of India. According to which, in the week ending November 25, 2022, foreign exchange reserves have reached $ 550.14 billion with a jump of $ 2.89 billion. While the foreign exchange reserves were $ 547.25 billion last week.

RBI released data
RBI has given this information on Friday. In which India’s foreign exchange reserves have increased by $ 2.89 billion to $ 550.14 billion in the week ending 25 November. Foreign currency assets also saw a jump of $3 billion in the week ending November 25 and reached $487.29 billion. Although the gold reserve has come down by $ 73 million to $ 39.94 billion. There has been a slight change in the rupee on 25 November. The rupee has reached Rs 81.3175 against the dollar. However, the dollar index has reached a lower level.

If we look at the reasons for the big increase in India’s foreign exchange reserves, it is believed that RBI has made a tremendous purchase of dollars in recent times. So there has been a brake on the strength of the US dollar, in such a situation foreign exchange reserves have also increased due to the revolution gain.

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As of September 3, 2021, there used to be $642.45 billion foreign exchange reserves. There was a decline of $ 117.93 billion in the week ended October 21, when foreign exchange reserves came down to $ 524.52 billion. And the improvement in the reserve is being seen from those levels. Out of the last 15 weeks, there has been a decline in foreign exchange reserves in 11 weeks. There was a continuous decline in foreign exchange reserves after expensive imports and the Russia-Ukraine war.

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