Foreign wealth increased by more than $ 56 billion in 8 months, reached record level

There is a steady increase in the foreign wealth of India. At present, India’s foreign exchange has exceeded $ 642 billion. Which has reached a record level. If we talk about the last 8 months or say that this year, India’s foreign exchange reserves have exceeded $ 56 billion. At the same time, for the week ended September 3, there has been an increase in foreign exchange reserves by about $ 9 billion.

$25 billion increase in two weeks
The country’s foreign exchange reserves increased by $ 8.895 billion to a record level of $ 642.453 billion in the week ended September 3. The Reserve Bank of India (RBI) has given this information in its latest data on Friday. Foreign exchange reserves had earlier increased by $16.663 billion to $633.558 billion during the week ended August 27. That is, in the figures of the last two times, there has been an increase of $ 25.558 billion in foreign exchange reserves.

Why is it increasing
The weekly data released by the Reserve Bank of India (RBI) on Friday showed that this increase in forex reserves for the week ended September 3 was mainly due to the increase in foreign currency assets (FCA), which is a significant part of the total reserves. part happens. At the same time, the increase that happened before that was due to increase in special drawing rights i.e. SDR holdings. The International Monetary Fund had allocated USD 12.57 billion to India.

Over $56 billion in eight months
On the other hand, if we talk about this whole year, so far an increase of more than $ 56 billion has been seen. India’s foreign exchange reserves were $ 586.082 billion in the week ended January 8, 2021, which has come down to $ 642.453 billion in the week ended September 3. That is, during this period, India’s foreign exchange reserves have increased by $ 56.371 billion.

Increase in assets
The Reserve Bank said that India’s foreign currency assets increased by $ 8.213 billion to $ 579.813 billion in the week under review. Foreign currency assets, denominated in dollars, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves.

Increase in gold reserve
According to the data, gold reserves rose by $642 million to $38.083 billion in the reporting week. The country’s special drawing rights (SDRs) with the IMF increased by $29 million to $19.437 billion. While the country’s foreign exchange reserves with the IMF increased by $ 11 million to $ 5.121 billion.

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