Mumbai, September 27 . The country’s foreign exchange reserves have increased for the sixth consecutive week to a record level of $ 692 billion.
According to the data released by the Reserve Bank of India (RBI) on Friday, the foreign exchange reserves increased by $ 2.838 billion to $ 692.296 billion in the week ended September 20. This is the historical highest level so far.
Earlier, in the week ended September 13, the foreign exchange reserves were at $ 689.458 billion with an increase of $ 223 million. In six weeks, it has increased by $ 22.177 billion.
RBI said that in the week ended September 20, foreign currency assets increased by $ 2.057 billion to $ 605.686 billion. During this period, gold reserves increased by $ 726 million. It rose to $ 63.613 billion.
Special Drawing Rights (SDR) increased by $ 121 million. Whereas, the reserve fund with the International Monetary Fund saw a decline of $ 66 million and stood at $ 18.54 billion and $ 4.458 billion respectively.
India ranks fourth in foreign exchange reserves after China, Japan and Switzerland.
With high foreign exchange reserves, RBI has more scope to intervene in the market to deal with any sharp fall in the rupee.
