New Delhi: The country's foreign exchange reserves rose by $3.883 billion to an all-time high of $541.431 billion during the week ended August 28. This information has been received from the data released by the Reserve Bank of India (RBI). Foreign exchange reserves rose by $2.296 billion to $537.548 billion for the week ended August 21.
The main reason for the increase in foreign exchange reserves is the growth of foreign exchange assets, which is an important part of the currency reserves. In the period under review, the country's foreign exchange assets have grown by $3.925 billion to $498.094 billion. According to RBI data, the country's gold reserves declined by $6.4 million to $37.2 billion. The Special Drawing Rights with the International Monetary Fund (IMF) remained unchanged at $1.481 billion. India's reserves with IMF strengthened by $2.2 million to $4.657 billion.
Let us tell you that foreign exchange reserves are the money or other assets kept by the central banks of the country, which are used to pay the liabilities as and when required. Adequate foreign exchange reserves are very important for a healthy economy.
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