At the end of February, the number of gold reserves with the Reserve Bank increased to 817 tonnes

Mumbai: The country's foreign exchange reserves have seen an increase for the sixth consecutive week. In the week ending March 29, it increased by $ 2.94 billion to $ 645.58 billion. With this, the country's foreign exchange reserves have reached a new highest level. Earlier in the week ending March 22, it was $ 642.63 billion.

The Reserve Bank of India has been continuously increasing gold reserves, keeping in mind that it is being used as a hedge at times of rupee volatility. The Reserve Bank's gold reserves have crossed 800 tonnes. It is noteworthy that in the week ending September 3, 2021, the country's foreign exchange reserves reached an all-time high of $ 642.45 billion.

According to the weekly data of the Reserve Bank, foreign exchange assets increased by $ 2.35 billion to $ 570.61 billion in the week ending March 29. According to the data, the Reserve Bank increased its gold holding by 6 tonnes in February. With this purchase, the number of gold reserves with RBI has reached 817 tonnes.

Most central banks around the world keep increasing their gold reserves to meet the challenges posed by currency volatility and economic uncertainty. In February, global central banks added a net 19 tonnes of gold to their gold reserves.