News India Live, Digital Desk: India’s foreign exchange reserves have registered an increase for the seventh consecutive time, which has now increased to $ 686.14 billion. This figure is the highest level after November 2024, which gives a clear indication of India’s strong economic condition amidst global economic uncertainties. According to recent data from the Reserve Bank of India (RBI), foreign exchange reserves increased by $ 8.31 billion in the week ended April 18. Earlier, the increase in the week ended April 11 was $ 1.57 billion.
Standing improvement after fall from record height
In September 2024, India’s foreign exchange reserves reached a record high of 704.885 billion, after which it declined. But now again it is being seen continuously improvement. By April 18, foreign exchange assets have increased to $ 578.49 billion.
Increase in gold and SDR
There has been a significant increase in the gold reserve during this period, with a increase of $ 4.575 billion to $ 84.572 billion. At the same time, special drawing rights (SDR) have also increased by $ 212 million to a total of $ 18.568 billion. Along with the International Monetary Fund (IMF), a slight improvement of $ 7 million was also seen in India’s reserve status, which has now reached $ 4.51 billion.
Strong growth in financial markets
Highlighting the development of financial markets, the Governor of the Reserve Bank of India Sanjay Malhotra said that the Indian markets are playing a strong role in economic development. The size of the foreign exchange market has increased from $ 2020 to $ 60 billion by 2024. Meanwhile, the average daily business of Overnight Money Market has increased from about Rs 3 lakh crore to more than Rs 5.4 lakh crore.
There has also been a significant increase in the market of government securities (G-Sec), where the average daily business has increased by 40% to Rs 66,000 crore. Malhotra said that all major financial markets including foreign currency, government securities and money market remain stable, although there was some pressure on the rupee recently but the situation improved soon.
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