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India's forex reserves a notable increase, rising by $2.975 billion to reach _____ billion for the week ending 23 Feb 2024
A)
$519.072
B)
$551.072
C)
$589.072
D)
$619.072

Correct Answer :   $619.072


India’s forex reserves experienced a notable increase, rising by $2.975 billion to reach $619.072 billion for the week ending February 23, as reported by the Reserve Bank of India (RBI). This surge follows a previous week where reserves had slightly decreased by $1.132 billion.

Major Components

1. Foreign Currency Assets :

* Increased by $2.405 billion to $548.188 billion.
* Foreign currency assets encompass various currencies such as the euro, pound, and yen, reflecting their valuation against the US dollar.

2. Gold Reserves :

* Rose by $472 million to $47.848 billion during the week.

3. Special Drawing Rights (SDRs) :

* Witnessed an uptick of $89 million to $18.197 billion.

4. Reserve Position with the IMF :

* Expanded by $9 million to $4.839 billion.

Historical Perspective

India’s forex reserves achieved an all-time high of $645 billion in October 2021, marking a significant milestone in the country’s economic landscape.

Published On : March 2, 2024
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