This week gold reserves increased by $ 76 million to $ 37.644 billion. Total foreign exchange reserves increased by $ 9.427 billion to $ 620.576 billion.
RBI retained the policy rate for the seventh time in a row.
The country’s foreign exchange reserves increased by $ 9.427 billion to $ 620.576 billion in the week ended July 30, 2021. The Reserve Bank of India gave this information in its latest data on Friday. Foreign exchange reserves declined by $ 1.581 billion to $ 611.149 billion in the week ended July 23, 2021.
According to the Reserve Bank’s weekly data, the increase in foreign exchange reserves in the week ended July 30 was due to increase in foreign currency assets (FCA), which is a major component of the overall reserves. During this period, FCA increased by $ 8.596 billion to $ 576.224 billion. Foreign currency assets, expressed in dollar terms, also include the effect of an increase or decrease in the value of other foreign currencies, such as the euro, pound and the N, held in foreign exchange reserves.
$76 million jump in gold reserves
According to the data, gold reserves increased by $ 76 million to $ 37.644 billion during this period. At the same time, the Special Drawing Rights (SDR) with the International Monetary Fund increased by $ 6 million to $ 1.552 billion. The Reserve Bank said that during the week under review, India’s foreign exchange reserves with the IMF also increased by $ 65 million to $ 5.156 billion.
Rupee rises against dollar this week
The fourth monetary policy of this year was announced by the Reserve Bank of India on Thursday. For the seventh time in a row, the RBI has retained the repo rate at 4 per cent and the reverse repo rate at 3.35 per cent. The Reserve Bank has increased the inflation target for the current financial year to 5.7 percent. Rupee rose against the dollar for five consecutive days this week, while gold declined. The closing price of the rupee against the dollar at the end of the week was 74.15.
Fiscal deficit estimated to be 2.74 lakh crore this year
According to the data released by the Controller General of Accounts (CGA), the fiscal deficit of the central government stood at Rs 2.74 lakh crore at the end of June this year. This is 18.2 per cent of the estimated budget deficit for the entire year (2021-22). At the end of June, 2020, the fiscal deficit had reached 83.2 percent of the budget estimates for the financial year 2020-21. In aggregate, this time the fiscal deficit at the end of June was Rs 2,74,245 crore.
Fiscal deficit is estimated to be 6.8 percent in the current financial year
The government estimates that the fiscal deficit at the end of the financial year 2021-22 will be Rs 15,06,812 crore or 6.8 per cent of the gross domestic product (GDP). In the year 2020-21, the fiscal deficit or the difference between expenditure and revenue was 9.3 percent of the gross domestic product (GDP). This is less than 9.5 per cent of the Revised Budget Estimate of the Budget presented in February, which is a result of the improvement in the fiscal position.
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