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HomeBusinessThe country's foreign exchange reserves increased, the figure reached $ 639.51 billion

The country’s foreign exchange reserves increased, the figure reached $ 639.51 billion

The country’s foreign exchange reserves have increased by $ 2.039 billion to $ 639.516 billion in the week ended October 8.

Foreign Exchange reserves: The country’s foreign exchange reserves have increased by $ 2.039 billion to $ 639.516 billion in the week ended October 8. Reserve Bank of India (RBI) has given this information. In the previous week ending October 1, reserves had declined by $1.169 billion. At that time it had come down to $ 637.477. In the week ended September 3, it had risen by $ 8.895 billion to reach a record high of $ 642.453 billion.

Reason for increase in foreign currency assets

During the reporting week ended October 8, the reason for the increase in reserves has been an increase in Foreign Currency Assets (FCAs). This has been learned in the weekly data released by the Reserve Bank of India (RBI) on Friday. According to the data, FCA increased by $ 1.55 billion to $ 577.001 billion in the reporting week.

FCAs are viewed in dollar terms and include the effect of the rise and fall of non-US units held in foreign exchange reserves such as the euro, pound and yen.

Increase in gold reserves

Gold reserves saw an increase of $ 464 million in the reporting week and reached $ 38.022 billion. Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $28 million to $19.268 billion. According to the data, the country’s reserve position with the IMF saw a decline of $3 million and it has reached $5.225 billion.

The Reserve Bank of India (RBI) on Thursday told the international community that India is experiencing a strong economic revival, and has decided to remain liberal in its monetary policy. RBI Governor Shaktikanta Das while addressing the annual meeting of International Monetary Fund and World Bank said that India is witnessing very strong economic recovery, but there is still disparity between different sectors. Part of his speech was released by the IMF. In this video clip, Das said that therefore we have decided to remain liberal in our monetary policy, while at the same time closely monitoring the inflation outlook.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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