Winning Bizness Desk

Mumbai. There has been an increase in foreign exchange reserves for the fifth consecutive week. After the week ending December 9, the foreign exchange reserves have increased by $ 2.91 billion to reach $ 564.07 billion. RBI has released this data and according to this data, Foreign Currency Assets (FCAs) also increased by $3.14 billion to reach $500.13 billion in the week ended December 9. The effect of fluctuations in foreign currency like Euro, Pound, Yen in foreign currency reserves in dollar term is called foreign currency assets. During this, there has been a decrease of $ 0.29 billion in the gold reserve. And it has come down to $40.73 billion. At the same time, there has been a jump of $ 61 million in Special Drawing Rights (SDR). And it has been 18.10 billion dollars.

India is on the top

Referring to the World Bank report, recently Finance Minister Nirmala Sitharaman said that India has the largest foreign exchange reserves in the world and it is sufficient to deal with any global crisis. If we look at the reasons for the big increase in India's foreign exchange reserves, it is believed that RBI has made a tremendous purchase of dollars in recent times. At the same time, in October 2021, the foreign exchange reserves were $ 645 billion, but to save the rupee from falling, the RBI has been selling dollars. During the announcement of the monetary policy on December 8, 2022, RBI Governor Shaktikanta Das also said that despite the strengthening of the dollar, the rupee has depreciated less against the currency of other countries and the foreign exchange reserves remain satisfactory. On the other hand, at the close of the currency market on Friday, the rupee closed at Rs 82.86 with a weakness of 10 paise.