There was a big jump in foreign exchange reserves before the meeting of the Monetary Policy Committee, the figure again crossed $ 600 billion

Foreign exchange reserves crossed $ 600 billion.

Once again RBI’s foreign exchange reserves crossed the level of $ 600 billion. In the week ended May 27, the foreign exchange reserves rose by $ 3.854 billion to reach the level of $ 601.363 billion.

The Monetary Policy Committee of the Reserve Bank next week (RBI MPC Meeting) is about to have an important meeting. Prior to that, in the week ending May 27, the country’s foreign exchange reserves ,Foreign exchange reserves) registered an increase of $ 3.854 billion, with the help of which it again reached the level of $ 601.363 billion. According to the RBI data, this increase in foreign currency assets (foreign currency assets) due to the increase in Earlier this week, forex reserves had increased by $4.230 billion to $597.509 billion. According to the data of the Reserve Bank, the reason for the increase in foreign exchange reserves in the reporting week is due to increase in foreign currency assets, which is a significant component of the total reserves. Foreign currency assets (FCAs) increased by $3.61 billion to $536.988 billion, according to the data.

Foreign currency assets held in foreign exchange reserves, expressed in dollars, include the effects of appreciation or depreciation in non-US currencies such as the euro, pound and yen. According to the data, the value of gold reserves also increased by $ 94 million to $ 40.917 billion in the week under review. In the reporting week, Special Drawing Rights (SDR) deposits with the International Monetary Fund (IMF) rose by $132 million to $18.438 billion. The country’s currency reserves kept in the IMF increased by $ 18 million to $ 5.019 billion.

Rupee slips against dollar

Meanwhile, the rupee declined by six paise to 77.66 against the US currency in the foreign exchange market on Friday amid a weak trend in the local stock markets. Traders said that the rupee depreciated due to continuous outflow of foreign funds from the foreign exchange market and widening trade deficit. The rupee traded in a narrow range in the interbank foreign exchange market. Rupee opened at 77.47 against dollar. In the day’s trading, it went up to 77.66 in the low and 77.47 in the high. In the end, it closed at 77.66 per dollar, down by six paise against its previous closing price. The rupee had closed at 77.60 per dollar on Thursday.

Sentiment weakens due to increase in trade deficit

HDFC Securities Analyst Dilip Parmar said, “Early gains of rupee could not be sustained due to fall in equity market and firming crude oil prices.” Rupee sentiment was affected due to capital outflows by foreign institutional investors and widening trade deficit.

Goods exports $37.29 billion in May

According to government data released on Thursday, India’s commodity exports grew 15.46 per cent to $37.29 billion in May, the slowest growth in the past 15 months. While the country’s trade deficit increased to $ 23.33 billion.

FII sold shares worth 3770 crores

Meanwhile, the dollar index, reflecting the position of the US dollar against the six major currencies, declined 0.03 per cent to 101.79. Global oil benchmark Brent crude futures fell 0.47 per cent to $117.06 per barrel. According to stock market data, foreign institutional investors were net sellers in the capital market. He sold shares worth a net Rs 3,770.51 crore on Friday.

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