Big relief to the government before Diwali, foreign wealth worth Rs 21000 crore comes to India's treasury. - Newztezz Online

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Saturday, November 4, 2023

Big relief to the government before Diwali, foreign wealth worth Rs 21000 crore comes to India's treasury.

The country's foreign exchange reserves have increased by more than $2.58 billion i.e. Rs 21,473 crore to $586.11 billion in the week ending October 27. Last week, the country's total currency reserves had declined by $2.36 billion to $583.53 billion. In October 2021, the country's foreign exchange reserves had reached a life time high of $645 billion.

Before Diwali, good news has come regarding the country's treasury. According to the latest report of RBI, foreign wealth worth more than Rs 21 thousand crore has come into the country's treasury during the week ending October 27. Earlier, there was a continuous decline in foreign wealth from India's treasury. However, India's foreign reserves are currently 14 billion dollars less than 600 billion dollars. Let us also tell you how much the country's foreign reserves have become.

Increase in forex reserves

The country's foreign exchange reserves have increased by more than $2.58 billion i.e. Rs 21,473 crore to $586.11 billion in the week ending October 27. Last week, the country's total currency reserves had declined by $2.36 billion to $583.53 billion. In October 2021, the country's foreign exchange reserves had reached a life time high of $645 billion. But last year, amid the pressures arising from global developments, the RBI had used this capital reserve to stop the fall in the exchange rate of the rupee, which led to a reduction in the foreign exchange reserves.

Increase in assets also

According to the weekly data of the Reserve Bank, foreign currency assets, an important part of the foreign exchange reserves, increased by $ 2.30 billion to $ 514.50 billion in the week ending October 27. Expressed in dollars, foreign currency assets also take into account the effects of movements in non-US currencies such as the euro, pound and yen.

How much is the gold reserve?

The value of gold reserves increased by $ 499 million to $ 45.92 billion. According to the data, Special Drawing Rights (SDR) declined by $15 million to $17.91 billion. In the week, the country's currency reserves kept with the International Monetary Fund (IMF) decreased by $ 208 million to $ 4.77 billion.

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