The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india said on friday that India's foreign exchange reserves increased by $ 8.31 billion to $ 686.145 billion in the week ended april 18. The country's foreign exchange reserves have been increasing for seven consecutive weeks. Earlier, in the last week ended april 11, it had increased by $ 1.567 billion to $ 677.835 billion.
Forex reserves at all-time high in September
The country's foreign exchange reserves reached its all-time high level of $ 704.885 billion in september 2024. Data released for the week ended april 18 indicate that foreign exchange assets, considered an important part of the foreign exchange reserves, increased by $ 3.516 billion to $ 578.495 billion. According to news agency PTI, foreign exchange assets mentioned in dollar terms include the effect of fluctuations in non-US currencies such as euro, pound and yen held in foreign exchange reserves.
The country's gold reserves also increased
The Reserve bank said that during this period the gold reserve has increased by $ 4.575 billion, reaching $ 84.572 billion. According to the Reserve bank, the Special Drawing Rights (SDR) have increased by $ 212 million to $ 18.568 billion. RBI data showed that India's reserve position with the IMF increased by $ 7 million, reaching $ 4.51 billion in the week under review.
Why is foreign exchange reserve important?
The country's foreign exchange reserve helps in maintaining economic stability and international trade. It is used to pay for imported goods, to repay foreign debt and to handle the rupee in times of global economic crisis. Having more currency in reserve strengthens the country's position in the international market.
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