India's foreign exchange hits 21-month high, jumps to around $58 billion in 2023

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India Forex Reserves Increases: The Reserve Bank of India (RBI) released foreign exchange figures yesterday, according to which foreign exchange rose by $4.47 billion to $620.44 billion in the week ended December 29.

There was also a big jump in foreign currency assets

India's foreign exchange hit a 21-month high. In the week ended December 22, foreign exchange again saw a big jump and it reached 620.44 billion dollars with an increase of 4.47 billion dollars. The foreign exchange in the previous week was 615.97 billion dollars. This year, the RBI added about $58 billion in foreign exchange in the calendar year 2023. This is the sixth consecutive week that foreign exchange has seen an increase. Foreign currency asset (FCA) also saw a big jump with FCA rising by $4.698 billion to $549.747 billion.

There was a decrease of 71 billion dollars

India's foreign exchange reserves declined by an overall $71 billion last year, while RBI's gold reserves have declined this year. Gold reserves have come down to 474.74 billion dollars with a decrease of 102 crore dollars. Earlier, the foreign exchange of the country increased by 9.112 billion dollars to 615.971 billion dollars in the week ended on December 15. In October 2021, the country's foreign exchange touched an all-time high of around $645 billion.

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