Forex reserves increased by $5.27 billion
The country’s foreign exchange reserves have crossed $598 billion for the first time, increasing for the eighth consecutive week. According to the data released by the Reserve Bank of India today, the country’s reserves of foreign exchange increased by $5.27 billion to $598.16 billion in the week ended May 28. Earlier, in the week ending May 21, it had increased by $ 2.87 billion to a record level of $ 592.89 billion.
Reserve Bank Governor Shaktikanta Das, in order to inform the decisions of the Monetary Policy Committee, had told this morning that there are indications that in the week ending this Friday, ie June 04, the foreign exchange reserves have crossed the level of $ 600 billion. But after confirmation, this week’s figures will be released next Friday.
The central bank said forex assets, the largest component of forex reserves, rose by $5.01 billion to $553.53 billion during the week ended May 28. During this, gold reserves also increased by $ 265 million to $ 38.11 billion.
Reserves with the International Monetary Fund declined by $5 million to $5.02 billion, while special drawing rights increased by $2 million to $1.52 billion.
Rupee breaks eight paise
The rupee weakened by eight paise in the intra-banking currency market under pressure from the strengthening of the dollar against other major currencies of the world and sold one dollar at 72.91 at the close of trade. Earlier on Thursday, the Indian currency had gained 18 paise to close at Rs 72.91 per dollar.
The rupee was under pressure from the beginning today. It fell by nine paise to open at Rs 73 per dollar. At one point during trading, it weakened to Rs 73.13 per dollar. Later it saw some improvement. Before the close of trading, it ended the day at Rs 72.96 per dollar and closed at Rs 72.99 per dollar. A strengthening of the dollar index in the basket of other six major currencies of the world put pressure on the rupee.
Major currencies weak
The buying rate of major foreign currencies in rupee continued. which is as follows.
Currency … (in Rs.)……………..purchase———sale
US Dollar……………..66.41——77.00
Sterling Pound…………………93.60——108.56
Euro……………………………80.46——93.30
Australian Dollar ………….50.88——58.87
Hong Kong Dollar ……………..08.56———10.14
Swiss Franc……………………………73.42——86.25
Japanese Yen (per hundred)……60.22——69.84
Singapore Dollar …………………50.01——59.25
Chinese Yuan…………………….08.07———13.08
Canadian Dollar ……………….54.81——63.84
