Forex Reserves: Foreign exchange reserves surged by $9 billion to reach $616 billion.

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India Forex Reserves Increases: There has been a huge surge in foreign exchange reserves. According to RBI data, foreign exchange reserves rose by $9.11 billion to $615.97 billion from $606.85 billion in the week ended December 15, driven by a surge in foreign investment. This is the fifth consecutive week that foreign exchange reserves have seen a surge.

The Reserve Bank of India has released foreign exchange reserves data on Friday, December 22, 2023. According to the data, foreign exchange reserves increased by $9.11 billion to $615.97 billion in the week ended December 15. Meanwhile, foreign currency assets have also seen a jump and this has increased by 8.34 billion dollars to 545.04 billion dollars.

RBI's gold reserves have also increased. RBI's gold reserves rose by $446 million to $47.57 billion. SDR rose by $135 million to $18.32 billion and reserves deposited in the International Monetary Fund rose by $181 million to $5.02 billion.

One of the major reasons for the rise in foreign exchange reserves is the boom in foreign investment. The country has seen an increase in foreign portfolio investment following the Fed Reserve's decision not to raise interest rates and indications of a cut in interest rates in 2024. It is expected that foreign investment may increase further in the new year.

In October 2021, foreign exchange reserves reached a level of $645 billion, after which there was a sharp decline. Foreign exchange reserves are now $30 billion away from their old highs. Due to surge in dollar inflow, rupee has strengthened against dollar in the currency market. On December 22, the rupee has strengthened by 14 paise to close at 83.14 against one dollar.

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