Correct Answer : $1.229 billion
India's forex exchange (forex) reserves jumped by $1.229 billion in the week that ended on 7 July 2023, totaling $596.280 billion, as per RBI's data. Now, the country's reserves are at nearly a 2-month high. This will also be the second-consecutive weekly rise in reserves. In the week under review, except for a slight dip in SDRs, all other components of reserves picked up.
Data from RBI, forex reserves jumped by $1.229 billion to $596.280 billion in the week that ended on July 7, 2023. Prior to this week, reserves rose by $1.853 billion.
Foreign currency assets (FCA), which is the biggest component of reserves, zoomed by $989 million to $528.968 billion in the week that ended on July 7. In the previous week, the surge was much higher by $2.539 billion.
Furthermore, in the week that ended on July 7, 2023, gold reserves grew by $228 million to $44.060 billion, while reserve position in the IM came in at $5.017 billion up by $15 million on a week-on-week basis.
On the other hand, SDRs dipped by a meager $4 million to $18.235 billion in the week ending on July 7, 2023.
India's forex reserves were at an all-time high of $645 billion in October 2021. Meanwhile, the foreign exchange reserves stood at $578.4 billion as on March 31, 2023..
Source : Mint
