Forex Reserve: The nation’s foreign exchange reserves had decreased prior to the election results. The current amount of foreign exchange reserves is $646.67 billion. These details are provided by the Reserve Bank of India. Official data indicates that during the fiscal year 2023–24, the nation’s total gold reserves grew by 27.46 tons.
Highlights
- The nation’s foreign exchange reserves have decreased.
- Reserves of foreign currency dropped to $646.67 billion.
- This information was provided by RBI on Friday.
New Delhi: In the week ending May 24, the nation’s foreign exchange reserves decreased by $ 2.03 billion to $646.67 billion. This information was released on Friday by the Reserve Bank of India. The foreign exchange reserves increased by $4.55 billion the week prior, to a record high of $648.7 billion. Data from the Reserve Bank shows that in the week ending May 24, foreign currency assets—which are regarded as a significant component of currency reserves—dropped by $1.51 billion to $567.49 billion.
This result comprises
The effect of movements in non-US currencies held in foreign exchange reserves, such as the euro, pound, and yen, is included in the foreign currency assets expressed in dollar terms. According to the Reserve Bank, during the week under review, the value of gold reserves decreased by $482 million to $56.71 billion. To reach $18.13 billion, Special Drawing Rights (SDR) decreased by $33 million. The Reserve Bank reports that during the week under review, India’s reserve deposit with the International Monetary Fund (IMF) decreased by $1 million to $4.33 billion.
Reserves of gold rose.
In the fiscal year 2023–2024, India transferred 100 tons of its gold held in Britain to local vaults. On Friday, sources provided this information. Since 1991, this is the largest gold transfer. A significant portion of the gold was committed to address the 1991 foreign currency crisis. In the fiscal year 2023–2024, the nation’s total gold reserves rose by 27.46 tonnes to 822 tonnes, according to official figures. The total amount of gold kept locally has climbed to more than 408 tonnes with the repatriation of 100 tonnes of gold to India.
In return for the notes issued in 2023–2024, more than 308 tons of gold have been retained domestically, according to the RBI’s annual report. Aside from this, the banking department’s local asset is 100.28 tons of gold. 413.79 tonnes of the entire gold reserves are held overseas.
