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What will happen to the historical foreign exchange reserves of $ 600 billion, know what it means for the common people

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Foreign exchange reserves: This week, the country’s foreign exchange reserves reached the level of $ 598.165 billion.

This strengthens the currency.

The country’s foreign exchange reserves rose by $5.271 billion to touch a new record high of $598.165 billion in the week ended May 28, 2021. This information has been given in the figures of the Reserve Bank. Talking to the media about the monetary policy, he said that it will touch the level of $ 600 billion very soon.

According to the data released by the Reserve Bank of India on Friday, the foreign exchange reserves had increased by $ 2.865 billion to $ 592.894 billion in the week ended May 21, 2021. Foreign exchange reserves had increased by $563 million to $590.028 billion in the previous week ended May 14, 2021. Governor Das said about this foreign exchange reserves that this is a strong sign for us.

Currency comes in strength

Foreign exchange reserves play a major role in strengthening the financial condition of the country. Strong in foreign reserves strengthens the confidence of foreign investors, as well as strengthens the country’s currency. When there is a sharp fall in the value of the rupee, then the Reserve Bank sells the dollar, which increases the value of the rupee.

Big contribution of forex assets

The increase in forex reserves in the week ended May 28 was mainly due to increase in foreign currency assets, which is a significant component of the total reserves. According to the weekly data released by the Reserve Bank, foreign currency assets increased by $ 5.01 billion to $ 553.529 billion during the week. Foreign currency assets are expressed in dollars. This includes assets denominated in the euro, pound and yen in addition to the dollar.

Gold reserve $38.10 billion

Gold reserves rose by $265 million to $38.106 billion during the week under review. The Special Drawing Rights (SDR) with the International Monetary Fund (IMF) increased by $ 2 million to $ 1.515 billion. At the same time, the country’s reserves with the IMF decreased by $ 5 million to $ 5.016 billion.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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