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India’s foreign exchange reserves have increased to $ 15.26 billion (₹ 1.33 lakh crore) to $ 653.97 billion (about ₹ 56.86 lakh crore) in the week ended on 7 March (from 28 February to 7 March). Earlier, in the week of 21 February to 28 February, 15 thousand crores was reduced to 55.53 lakh crore rupees.
According to the data released by the Reserve Bank of India (RBI), the Foreign Currency Assets (FCAS) increased to $ 13.93 billion (₹ 1.21 lakh crore) to $ 557.28 billion (₹ 48.46 lakh crore).
Gold reserves increased by 1 billion dollars
During this time there was an increase in gold reserves. It increased by $ 1 billion (Rs 8,700 crore) to $ 74.32 billion (Rs 6.46 lakh crore). At the same time, special drawing right i.e. SDRS increased by Rs 1843 crore to Rs 1.68 lakh crore. Reserve position in the International Monetary Fund rose by Rs 600 crore to Rs 35,650 crore.
RBI monitors the economic indicator of the country’s foreign trade
The Central Bank of India i.e. the Reserve Bank of India monitors the economic indicator of the country’s foreign trade and releases the data of foreign exchange reserves every Friday.
From time to time, the RBI intervenes in the market through liquidity (cash) management, including the dollar cell, to prevent a huge fall in rupee.
In addition, the RBI keeps an eye on the Foreign Exchange Market and controls only to maintain stable market conditions by controlling the instability in the exchange rate without any pre-detected target and level band.
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