A recent report confirmed the rise in India's foreign exchange reserves from $290.18 billion, week ended August 24 to $290.46 billion, week ended August 31. It is believed that the increase was attributed to the value of gold rising by $524.7 million, which pushed the value of forex reserves, which include gold reserves, SDRs (Special Drawing Rights), foreign currency assets, and reserve tranche position in the IMF.
However, there has been a decrease observed in foreign currency assets to $257.62 billion during the same week. Foreign currency assets comprise of investments in the US treasury notes and deposits with foreign central banks, bonds of other countries, and commercial banks.
The current figures show how variation of currencies against the dollar is affecting the value of assets along with RBI's interventions in the foreign exchange market. In addition, it has been reported that RBI's reserves increased by $282.3 million after there was appreciation in the value of gold holdings by $525 million in the above mentioned week.
However, rupee has consistently been dropping and even touched the mark of an all-time low of 57.32/$ on June 22. Later, it stabilized and it reached at a two-week high of 55.40/$ on Friday.
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