2024-09-29 19:51:22
New Delhi: Recently, America has reduced the Fed Rate by 50 basis points. Due to this, there is a possibility that a lot of money will come into the Indian financial market from there. Because the returns here will be higher than in America. Its effect is visible in India’s foreign currency reserves. It has increased once again. Now its foreign exchange reserves have reached very close to 700 billion dollars. On the other hand, Pakistan’s foreign exchange reserves have also increased for the fourth consecutive week.
What is India’s foreign exchange reserves?
According to data released from the Reserve Bank of India, India’s foreign exchange reserves have increased by $2.838 billion during the week ending September 20, 2024. With this, its foreign exchange reserves have now increased to $692.269 billion, which is the all-time level so far. This is the sixth consecutive week that its foreign exchange reserves have increased.
Foreign currency assets also increased
According to the weekly data released by the Reserve Bank, India’s foreign currency assets have also increased during the week under review. Its Foreign Currency Assets (FCAs) have increased by $2.057 Billion during the week ending September 20, 2024. There was a decrease a week before this. Now its FCA reserves have increased to USD 605.686 Billion. It is noteworthy that foreign currency assets or Foreign Currency Assets (FCA) constitute an important part of the total foreign exchange reserves. Expressed in dollars, foreign currency assets also take into account the effects of movements in non-US currencies such as the euro, pound and yen.
Gold reserve has also increased
The country’s gold reserve has also increased last week. India’s gold reserves have increased by $726 during the week ending September 20, 2024. Now its gold reserves are worth USD 63.613 Billion.
SDR also increased
According to Reserve Bank data, India’s Special Drawing Rights or Special Drawing Rights (SDR) also increased last week. SDR has increased by $ 121 million during the week under review. Now it has increased to $18.540 billion. This week, there has been a decrease in the country’s reserve currency reserves kept with the International Monetary Fund (IMF). This week it has decreased by $66 million. Now it has reduced to USD 4.456 Billion.
Pakistan’s face also shines
Along with India, the foreign exchange reserves of its neighboring country Pakistan are also continuously increasing last week. Last week was the fourth consecutive week when its foreign exchange reserves have increased. During the week ending September 20, the foreign exchange reserves there have increased by 56.2 million dollars. Now the foreign exchange reserves there have reached 14.796 billion dollars. Just a week before this, it had increased by $30.4 million.