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India's foreign exchange reserves increased by _______ to ________ on March 24, 2023.
A)
$5.98 Billion to $578.78 Billion
B)
$6.87 Billion to $582.28 Billion
C)
$7.21 Billion to $587.80 Billion
D)
$8.62 Billion to $593.54 Billion

Correct Answer :   $5.98 Billion to $578.78 Billion


India's foreign exchange reserves rose $5.98 billion to $578.78 billion as on March 24, 2023, Reserve Bank of India (RBI) data showed on Friday (31st April 2023).

* Data for the previous week showed that India's foreign exchange reserves rose to $572.8 billion, the highest level since early February.

* India's foreign currency assets (FCA), the biggest component of the forex reserves, saw a rise of $4.38 billion to $509.72 billion.

* India's gold reserves rose by $1.37 billion to $45.48 billion while SDRs and India's reserve position in the IMFs saw an increase of $18.41 million and $5.15 million each.

* At the start of the last year 2022, the overall forex reserves were at about $633 billion. Much of the decline can be attributed to RBI's recent intervention and a rise in the cost of imported goods.

* Indian rupee firmed against the dollar on Friday (31st April 2023) on likely fiscal year-end related inflows and strength in local equity markets. The rupee finished at 82.1650 per dollar, compared to its previous close of 82.3375.

* The currency halted a five-quarter long losing run with gains of 0.67%, while for the overall financial year it declined 7.8%, its biggest loss since 2020.

* Indian equities rallied 1.6% on the last day of the fiscal year, as most Asian shares rose and European stocks opened higher after fears over a wider banking crisis seemed to abate...

Source : Economic Times

Published On : April 3, 2023
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