India’s forex reserves rise $5.98 billion to $578.78 billion: The Reserve Bank of India (RBI) reported that India’s foreign exchange reserves increased for the second week in a row, reaching USD 578.778 billion in the week ending March 24. This indicates a rise of USD 5.978 billion in the week.
March 2023 Current Affairs Quiz
Current Trends In India’s Forex Reserves:
In the previous week, the forex reserves had gone up by USD 12.8 billion, bringing the total forex reserves to USD 572.8 billion. The rise in reserves is primarily due to an increase in foreign currency assets, which increased by USD 6.48 billion to USD 536.99 billion in the week ending March 24.
It is worth noting that India’s forex reserves hit a record high of USD 645 billion in October 2021, but have since been declining due to the central bank using the reserves to defend the rupee against pressures caused by global developments.
Component of the Forex Reserves:
The value of gold reserves has remained constant at USD 39.59 billion. The International Monetary Fund’s (IMF) special drawing rights fell by USD 6 million to USD 1.53 billion, while India’s reserve position with the IMF fell by USD 47 million to USD 5.71 billion.