Forex Reserve: Foreign exchange reserves hit all-time high to $689 billion, figures released
New Delhi| India’s foreign exchange reserves rose by $5.2 billion to a new all-time high of $689.24 billion in the week ending September 06, 2024. Reserve Bank of India (RBI) gave this information on Friday. Previously, foreign exchange reserves had risen by $2.3 billion to a previous all-time high of $683.99 billion in the week ending August 30.
According to the weekly data released by RBI, foreign currency assets (FCA) increased by $5.10 billion to $604.1 billion. Expressed in dollar terms, the FCA includes the effect of the growth or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.
Gold reserves saw an increase of $129 million to $61.98 billion. Meanwhile, the SDR for the above-mentioned week rose by $4 million to $18.47 billion. India’s reserve position at the IMF rose by $9 million to $4.63 billion.
The RBI, from time to time, intervenes in the market through liquidity management, including the sale of dollars, with the aim of preventing a sharp fall in the rupee. RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by controlling excessive exchange rate volatility.
