2024-08-24 11:58:07
New DelhiIndia has once again received good news on the foreign exchange reserves front. There has been an increase of $4.54 billion in it during the week ending on August 16. With this, our reserves have now increased to $674.66 billion. Earlier, during the week ending on August 9, India’s foreign exchange reserves had decreased by $4.80 billion. On the other hand, the foreign exchange reserves of our neighbouring country Pakistan have been increasing continuously for four weeks.
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According to the data released by the Reserve Bank of India, during the week ended August 16, 2024, its foreign exchange reserves increased by $4.546 billion to $670.11 billion. Earlier, during the week ended August 9, 2024, its reserves had decreased by $4.809 billion to $670.119 billion. Earlier, during the week ended August 2, 2024, its reserves had increased to a record $753 billion, which is an all-time high.
Increase in foreign currency assets
According to the weekly data released by the Reserve Bank, India’s foreign currency assets have increased during the week under review. During the week ending on August 16, there has been an increase of $3.609 billion in foreign currency assets (FCAs). Now our FCA reserves have increased to USD 591.569 billion. It is worth mentioning that foreign currency assets or Foreign Currency Assets (FCA) form an important part of the total foreign exchange reserves. The foreign currency assets expressed in dollars also include the effects of fluctuations in non-US currencies such as Euro, Pound and Yen.
Gold reserve also increased
The country’s gold reserves have also increased in the past week. During the week ending August 16, India’s gold reserves have increased by $865 million. Now our gold reserves have reached USD 60.104 billion.
SDR also increased
According to the Reserve Bank data, India’s Special Drawing Right (SDR) has also increased in the past week. During the week under review, SDR has increased by 60 million dollars to 18.341 billion dollars. According to the Reserve Bank data, the country’s currency reserves kept with the International Monetary Fund (IMF) have increased marginally by 12 million dollars in the week under review. Now it has increased to USD 4.650 Billion.
Pakistan’s reserves increase for the fourth consecutive week
There is a huge shortage of foreign currency in our neighboring country, Pakistan, at this time. The situation is that only essential goods are being imported there. However, the foreign exchange reserves there have been increasing for the last few weeks. During the week ending on August 16, there has been an increase of $ 22.2 million in the foreign exchange reserves there. Now the foreign exchange reserves there have become $ 14.667 billion. During the week ending on August 9, there was an increase of $ 173.3 million in the foreign exchange reserves there. A week before this, that is, during the week ending on August 2, 2024, there was also an increase of $ 80.2 million. During the week ending on July 26, 2024, there was also an increase of $ 56.3 million in the currency reserves there.