India’s foreign exchange reserves reached a two-year high of $636.1 billion

Mar 21, 2024 #Bank_PO, #BPSC, #Current_Affairs, #DSSSB, #Railway, #SSC, #UPSC, #WBPSC

India’s foreign exchange reserves reached a two-year high of $636.1 billion.
According to the latest Reserve Bank of India (RBI) data released on March 15, India’s foreign exchange reserves increased by $10.47 billion to $636.1 billion in the week ended March 8.
This is the biggest jump after the week ending July 14, 2023.
Earlier, foreign exchange reserves had increased by $6.55 billion to $625.63 billion in the week ending March 1, 2024.
Foreign currency assets (FCA) increased by $8.12 billion to $562.35 billion, according to the weekly statistical supplement released by the RBI.
Gold reserves rose by $2.3 billion to $50.72 billion, while SDRs rose by $31 million to $18.21 billion.
The reserve position at the IMF increased by $19 million to $4.82 billion.
Generally, RBI intervenes in the market from time to time through liquidity management including the sale of dollars to prevent a sharp fall in the rupee.