India’s foreign exchange reserves rise by $2.73 trillion after falling for three straight weeks

According to RBI data, India’s foreign currency assets, which constitute the largest component of foreign exchange reserves, increased by $2.334 billion to $529.216 billion during the week, which ended June 24.

Representative image. AFP

New Delhi: India’s foreign exchange reserves increased by $2.734 billion to $593.323 billion in the week ending June 24, according to weekly data from the Reserve Bank of India.

According to RBI data, India’s foreign currency assets, which constitute the largest component of foreign exchange reserves, increased by $2.334 billion to $529.216 billion during the said week. In addition, gold reserves increased by $342 million to $40.926 billion, special drawing rights increased by $55 million to $18.210 billion, and the country’s reserve position with the Fund International Monetary Fund increased by $3 million to $4.970 billion.

In the previous week ending June 17, reserves fell by $5.87 billion to $590.588 billion as foreign portfolio investors withdrew money from Indian equities amid an economic downturn. growing concern about the global recession.

The country’s foreign exchange reserves had fallen for the third consecutive week, before rising again last week, due to the likely intervention of RBI in the market to defend the depreciation of the rupee. Over the previous three weeks, the country’s foreign exchange reserves had fallen persistently, and they had fallen by a cumulative $10.785 billion.

Typically, the RBI intervenes in the market through liquidity management, including the sale of dollars, to prevent a sharp depreciation of the rupee.

Read all Recent news, New trends, Cricket News, bollywood news,
India News and Entertainment News here. follow us on Facebook, Twitter and instagram.