India’s foreign exchange reserve reached to $595 billion

India’s foreign exchange reserve reached to $595 billion

India’s foreign exchange reserves grew by $1.853 billion and reached at the level of $595.051 billion in June 2023. The Reserve Bank of India (RBI) has released its data on India’s foreign exchange reserve. The overall reserve had sunk by $2.901 billion to $593.198 billion in the previous reporting week.

All time high reserves:

The country’s forex reserve had attained an all-time high of $645 billion in October 2021.

The reserves have been slumping as the central bank deploys the reserves to defend the rupee amid pressures caused majorly by global developments.

According to the Weekly Statistical Supplement released by the RBI, the foreign currency assets which are a major component of the reserves have been increased by $2.539 billion to $527.979 billion.

Gold reserves:

The Reserve Bank of India also reported that Gold reserves deteriorated by $472 million to $43.832 billion.

Even the special drawing rights (SDRs) have also been down by $95 million to $18.239 billion.

The country’s reserve position with the International Monetary Fund (IMF) has degraded by $118 million to $5.002 billion.

Some time earlier an RBI-appointed committee has recommended a roadmap to achieve internationalization of rupee including efforts for inclusion in the IMF’s SDR basket.

The inter-departmental group stated in its report that the rupee has the potential to become an international currency as India is one of the fastest growing economies and has shown resilience in the face of major headwinds.

The higher use of rupee in invoicing and settlement of international trade is giving it a progressively international presence.

Question & Answer:

Q1. India’s foreign exchange reserve grew by how much US dollar in June 2023?

Ans. $1.853 billion

Q2. India’s foreign exchange reserve registered how much US dollar in June 2023?

Ans. $595.051 billion

Q3. What changes are recorded in Gold reserves and Special Drawing Rights (SDR) in June 2023?

Ans. Both recorded down

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