India’s Forex Reserve: Tension is continuously increasing in the Middle East after the joint attack by Israel and the United States on Iran. In retaliation, Iran has targeted many countries including Bahrain, Qatar and Kuwait. Along with this, Iran has closed the Strait of Hormuz, an important sea route for global oil trade, from where many countries of the world import oil from the Gulf countries. This move has created a stir in the global energy market.
foreign currency all time high
Amidst these stressful situations, a relief news has emerged for India. The country’s foreign exchange reserves have increased by $ 4.88 billion to reach an all-time high of $ 728.49 billion in the week ending February 27. This information was given by the Reserve Bank of India (RBI) in the data released on Friday.
Last week, the country’s total foreign exchange reserves had declined by $2.11 billion to $723.60 billion. Earlier, in the week ending February 13, foreign exchange reserves had reached a record level of $ 725.72 billion.
relief from stress
According to RBI, in the week ending February 27, foreign currency assets, considered the largest part of foreign exchange reserves, increased by $ 561 million to $ 573.12 billion. Denominated in dollars, these assets also include the impact of fluctuations in the value of other major currencies held in reserves such as the Euro, British Pound Sterling and Japanese Yen.
The central bank said that in the week under review, the value of gold reserves increased by $ 4.14 billion to $ 131.63 billion. Apart from this, Special Drawing Rights (SDR) increased by $ 26 million to $ 18.87 billion. According to the data, during the same period, India’s reserves with the International Monetary Fund (IMF) also increased by $ 158 million to $ 4.87 billion.
Also read: These 5 big side effects of US-Iran war are happening on India, what will happen next?
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