Vikrant Shekhawat : Aug 10, 2024, 07:02 AM
Reserve Bank of India: This week has been full of ups and downs for India. The journey from the fall in the market on August 5 to the recovery has been very special for investors. Full recovery has not been achieved yet. Meanwhile, RBI not changing the repo rate was also a big news. Now RBI has said a big thing about India's foreign exchange reserves in its latest report. The central bank has said that the country's foreign exchange reserves have increased by $ 7.53 billion to a new record high of $ 674.91 billion in the week ended August 2.What did the bank say?The Reserve Bank of India said that earlier in the week ended July 26, the total foreign exchange reserves had declined by $ 3.47 billion to $ 667.38 billion. On July 18, it was at its highest level of $ 670.85 billion. According to Reserve Bank data, foreign exchange assets, considered an important part of the currency reserves, rose by $5.16 billion to $592.03 billion in the week ended August 2.Gold reserves also roseForeign exchange assets in dollar terms include the effect of fluctuations in non-US currencies such as Euro, Pound and Yen held in the foreign exchange reserves. The Reserve Bank has said that during this week the value of gold reserves increased by more than $2.40 billion to $60.09 billion.Earlier RBI had released this reportAccording to the data released by RBI, India's domestic gold reserve has increased by 40 percent between March 2019 and March 2024. During this period, the total gold reserve has increased by 34 percent. By the end of this year, RBI had a total of 822 tonnes of gold, out of which 408 metric tonnes of gold is kept inside the country. The total gold reserves stood at 612 tonnes at the end of March 2019, while 292 tonnes of gold was held domestically. The share of gold in foreign exchange reserves increased from 7.37 per cent at the end of September last year to 8.15 per cent at the end of March 2024.