New Delhi: According to the data available with RBI, India’s foreign exchange reserves increased by $ 1.657 billion to $ 586.412 billion. The country’s foreign exchange reserves increased for the second week in a row and to a level not seen in more than nine months. The total reserves increased by $6.306 billion to $584.755 billion in the previous week.
In dollar terms, foreign currency assets included the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves. ,ALSO READ: 70-year-old Odisha woman walks miles for pension, FM Sitharaman reacts,
According to the weekly statistical supplement of the Reserve Bank of India (RBI) released on Friday evening, the country’s gold reserves declined by $521 million to $46.125 billion. ,Also Read: Twitter Blue Tick Gone? Here’s How To Get Verified On The Platform In 2023,
Special Drawing Rights (SDRs) declined by $38 million to $18.412 billion. According to data from the apex bank, the country’s reserve position with the IMF increased by $12 million to $5.19 billion during the week under review.
The rupee strengthened against the dollar in the forex market on Friday. The partially convertible rupee was hovering at 82.0950 as against close of 82.1750 during the previous trading session.
The US dollar index (DXY), which tracks the greenback’s value against a basket of currencies, rose 0.03 per cent to 101.88. RBI in its monthly bulletin noted that global economic conditions remain highly uncertain as financial conditions remain volatile and financial markets remain on edge.
It added that in the country, aggregate demand conditions remain resilient, supported by a return to connectivity-intensive services. Expectations of a bumper rabi crop, fiscal thrust on infrastructure, and revival in corporate investment in select sectors augur well for the economy.
Headline consumer price index based (CPI) inflation has gradually declined from its peak of 7.8 per cent in April 2022 to 5.7 per cent in March 2023 and is expected to ease further to 5.2 per cent in Q4:2023-24.