India's foreign exchange reserves near reaching a high level of $ 704.8 billion

New -Delhi, April 26 (IANS). India’s foreign exchange reserves have increased to $ 686.14 billion for the seventh consecutive time, the highest level since November last year. This reflects a strong economy amid global uncertainties. According to the latest data from the Reserve Bank of India (RBI), the country’s foreign currency for the end of April 18 recorded an increase of $ 8.31 billion compared to the previous reporting week. Earlier, foreign exchange reserves ended up by $ 1.57 billion during the week ended April 11. Foreign exchange reserves have been gradually improved after a sharp drop from the $ 700 billion summit at the end of September. In September 2024, the total foreign exchange reserves reached a high of $ 704.885 billion. According to RBI data, for the week ended on April 18, Forex is considering, which is an important component of reserves, up to $ 578.49 billion has risen. RBI said the Gold Reserves scored an increase of $ 4.575 billion during this period and reached $ 84,572 billion. According to the bank, the special drawing rights (SDR) rose $ 212 million to $ 18,568 billion. The data showed that India’s reserve position with the IMF recorded an increase of $ 7 million, which amounted to $ 4.51 billion in the Reporting Week. According to Sanjay Malhotra, Governor of the Reserve Bank of India, the financial markets of India have developed into a dynamic and strong power to promote economic development. The foreign exchange market almost doubled from $ 32 billion in 2020 to $ 60 billion in 2024 and the average daily volume in overnight money market increased from approximately Rs 3 Lakh Crore to more than Rs 5.4 Lakh Crore in this four -year period. During the same period, the average daily volume increased by 40 percent in the government’s markets (G-SEC) and this increased to Rs 66,000 crore. Malhotra said that all the financial market segments of the country, including foreign exchange, G-SEC and money market, were largely stable. However, a few months ago, the rupee came under slight pressure, but after that the domestic currency fared better. -Ians skt/abm