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Update on foreign exchange: India’s foreign exchange reserves rose by $1.23 to $596.28

<p>According to the most recent information from the RBI, India’s foreign currency (forex) reserves increased by $1.229 billion to $596.28 billion in the week ending July 7. The total foreign exchange reserves rose to $595.05 billion over the previous reporting week, an increase of $1.85 billion.</p>
<p>The nation’s foreign exchange reserves hit an all-time high of $645 billion in October 2021. The reserves have been dropping as the central bank uses its funds to protect the rupee against pressures mostly brought on by international events.<img decoding=”async” class=”alignnone wp-image-78209″ src=”” alt=”” width=”1320″ height=”739″ srcset=” 300w,×84.jpg 150w” sizes=”(max-width: 1320px) 100vw, 1320px” /></p>
<p>According to the Weekly Statistical Supplement published by the RBI, the foreign currency assets, a significant part of the reserves, climbed $989 million to $528.968 billion for the week ending July 7.</p>
<p>The value of the gain or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms.</p>
<p>According to the RBI, gold reserves increased by $228 million to $44.06 billion. At $18.235 billion, the value of the special drawing rights (SDRs) decreased by $4 million.</p>
<p>According to the RBI statistics, the nation’s reserve position with the IMF increased by $15 million to $5.017 billion during the reporting week.</p>
<p>“The rupee is expected to remain in a range of 81.90 to 82.50 in the upcoming week as the dollar index, which is already lower, is expected to fall further but may rebound as it is in an oversold zone,” said Anil Kumar Bhansali, head (treasury) and executive director of Finrex Treasury Advisors LLP. Euro INR and GBP INR seem to be strong buys to sell at the present levels of 92.25 and 108.00 as we may experience some decline after a significant advance of roughly 6-8 rupees in the last two months.</p>

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