Foreign exchange reserves at new peak, reserve rises!!!
India's foreign exchange reserves have reached a new historic high. According to RBI data, in the week ended september 20, 2024, the foreign exchange reserves have reached an all-time high of $692.29 billion with a jump of $2.83 billion, which was $689.48 billion in the previous week.
The reserve bank of india has released the data of forex reserves, according to which the foreign exchange reserves have reached $692.296 billion with an increase of $2.838 billion in the week ended september 20, 2024. Now the foreign exchange reserves are only $8 billion away from touching the historic high of $700 billion. There has been a strong jump in foreign currency assets and it has come to 605.686 billion dollars with an increase of 2.057 billion dollars. There has also been a strong increase in the gold reserve of RBI and it has come to 63.61 billion dollars with a jump of 726 million dollars. SDR has increased by 121 million dollars to 18.54 billion dollars. There has been a decrease in the reserve deposited in the international Monetary Fund and it has come down by 66 million dollars to 4.45 billion dollars.
In the currency market, the rupee has seen weakness against one dollar. With a weakness of 5 paise, the rupee has closed at the level of 83.70 rupees, which was 83.65 in the last session.
The major reason for the increase in foreign exchange reserves is the strong investment of foreign portfolio investors (FPI) in the indian market in the month of September. In the september quarter, FPI has invested Rs 87000 crore and in the month of september alone, it has invested more than Rs 34000 crore so far. This is the reason why the indian stock market is at an all-time high and its effect has been seen on the foreign exchange reserves. In the year 2024, India's foreign exchange reserves have increased by more than 68 billion dollars.
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