Forex Reserve reached the highest level in two months, increased by $ 1.229 billion this week

India's foreign exchange reserves increased by $ 1.229 billion this week to reach a two-month high of $ 596.280 billion. This is the second consecutive week when there has been an increase in the country's foreign exchange reserves. This week, except SDR, all the segments of forex have seen gains. Last week, the foreign exchange reserves had increased by $ 1.85 billion to $ 595.05 billion.
Foreign exchange reserves may have increased, but it is still far from its all-time high of $ 645 billion, which was made in October 2021. Let me tell you, the reason for the decline in foreign exchange reserves in 2022 was to keep the value of the rupee stable on behalf of the central bank due to the global movement.
In the week ending July 7, the foreign exchange reserves increased by $ 989 million and increased to $ 528.968 billion. Foreign exchange reserves include the dollar, euro, pound, and yen.
Gold reserves increased by 228 million and have reached $ 44.06 billion. However, the SDR has lost $4 million and stands at $18.235 billion. India's reserve position with the IMF has increased by $ 15 million to reach 5.017 billion this week.
After rising for four consecutive days against the dollar, the rupee closed down on Friday. In today's trading session, the rupee weakened against the dollar and closed at 82.16, down 8 paise.