Good news for the economy… India’s forex reserve at record high, rises for the fourth consecutive week

Good news has come for the Indian economy and it is related to the country’s treasury. Actually, the central bank shared the data of foreign exchange reserves on Friday, according to which India Forex Reserve has reached a record high level. This is the fourth consecutive week in which this figure has jumped. If we look at the data of RBI, the foreign exchange reserves have increased to $ 689.235 billion in the week ended September 6.

Reserve increased by more than 5 billion dollars in a week
The increase in India’s foreign exchange reserves is continuing. It has reached very close to $700 billion with a rapid rise for the fourth month. In fact, in the week ended on September 6, there has been a spectacular jump of $5.248 billion, due to which this reserve has reached a new lifetime high level of $689.235 billion. In the previous week, the figure of forex reserve was $683.987 billion.

RBI data foreign currency status
Along with the increase in foreign exchange reserves, India’s other reserves have also seen a sharp increase. During this period, the Foreign Currency Assets Reserve (FCAs) has increased by $5.107 billion and has now jumped to $604.144 billion. It is worth noting that FCA also includes the effect of fluctuations in non-US currencies like Euro, Pound and Yen kept in the foreign exchange reserves.

There was a strong jump in gold reserves too
Along with the forex reserve, the Reserve Bank of India presented the data and informed that the country’s gold reserve has also increased by 129 million dollars and due to this it has become 61.988 billion dollars. Let us tell you here that the gold deposited in the government or government bank is ‘gold reserve’. It is deposited to support the Indian currency. Gold reserve assures protection against inflation for growing countries and supports the economy.

There has been such a surge in deposits with the IMF
The central bank’s data also includes other figures. One of these is the Special Drawing Rights (SDR), which has increased by 4 million dollars and after this it has become 18.472 billion dollars. Along with this, till the week ending on September 6, an increase of 9 million dollars has been recorded in India’s deposits with the International Monetary Fund (IMF) and it has increased to 4.631 billion dollars.