Manipur News World

India’s foreign exchange reserves increased by $1.8 billion to $595 billion in the last forex update

<p>According to the most recent information from the RBI, India’s foreign currency reserves increased by $1.853 billion to $595.051 billion in the week that concluded on June 30. In the previous reporting week, the total reserve had decreased by $2.901 billion to $593.198 billion.</p>
<p>The nation’s foreign exchange reserves were at an all-time high of $645 billion in October 2021. The reserves have been dropping as the central bank uses its funds to protect the rupee against pressures mostly brought on by international events. According to the Weekly Statistical Supplement published by the RBI, the foreign currency assets, a significant part of the reserves, climbed by $2.539 billion to $527.979 billion for the week that concluded on June 30.<img decoding=”async” class=”alignnone wp-image-63246″ src=”” alt=”” width=”1295″ height=”970″ srcset=” 259w,×112.jpg 150w” sizes=”(max-width: 1295px) 100vw, 1295px” /></p>
<p>The value of the gain or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms. According to the RBI, gold reserves decreased by $472 million to $43.832 billion.</p>
<p>According to the apex bank, the Special Drawing Rights (SDRs) decreased by $95 million to $18.239 billion. According to statistics from the apex bank, the nation’s reserve position with the IMF decreased by $118 million to $5.002 billion during the reporting week.</p>
<p>The rupee fluctuated between 81.75 and 82.75 during the week as the dollar inflows from corporates were offset by the dollar buying by the RBI between 81.75 and 81.95, giving importers a chance to hedge. Anil Kumar Bhansali, head (treasury) and executive director of Finrex Treasury Advisors LLP. The rupee stayed at these levels for 20 days until the dollar began to rise versus Asian currencies in particular owing to the hawkish Fed and positive labor statistics. Oil corporations, government debt payments, defense spending, and oil purchases later caused the rupee to devalue to 82.76, when the RBI sold dollars.</p>
<p>The RBI’s protection of the rupee and efforts to keep it steady may allow the current dollar upmove to linger for a few more days, providing exporters the opportunity to hedge their receivables before importers have another opportunity to do the same with their payables.</p>
<p> </p>
<p> </p>
<p> </p>

Related posts

During the holiday season, Hero MotoCorp records its highest-ever retail sales of over 14 lakh units

Today, October 24: Check Local Fuel Prices for Petrol and Diesel

Bhashini: A Major Government Push for the Desi ‘Google Translator’

Delhi is the destination of Air India’s first wide-body Airbus A350-900 aircraft

Godrej Aerospace will begin producing components for Boeing and Airbus

Google Declares Gujarat as Home of Global Fintech Operations Center