Foreign exchange reserves reached record highs, know how India will benefit from this

The country’s foreign exchange reserves rose by $ 4.525 billion in the week ended December 4 to touch a record high of $ 579.346 billion. The data released by the Reserve Bank of India stated this. As a result, the country’s foreign exchange reserves had decreased by $ 469 million to $ 574.821 billion in the week ended 27 November.

So boom

The huge increase in foreign currency assets (FCA) in the reporting period led to an increase in the currency reserves. Foreign currency assets constitute a significant portion of the total foreign exchange reserves. According to the Reserve Bank’s weekly data, FCA increased by $ 3.932 billion to $ 537.386 billion in the review period. The FCA denoted goes to the dollar, but includes other foreign currencies such as the euro, pound and yen.

The value of gold reserves increased by $ 53.5 million

According to the data, during the week under review on December 4, the value of the country’s gold reserves rose by $ 53.5 million to $ 35.728 billion. The country received special drawing rights in the International Fund for Money (IMF), an increase of $ 12 million to $ 1.506 billion and the IMF’s accumulated reserves increased by $ 4.6 million to $ 4.725 billion.