Foreign Exchange Reserves: For the third consecutive week, there has been a decline in India’s foreign exchange reserves due to selling by foreign portfolio investors (FPIs). In the week ending October 18, 2024, foreign exchange reserves have declined by $ 2.163 billion to $ 688.267 billion, which was $ 690 billion in the previous week.
Banking sector regulator Reserve Bank of India (RBI) has released the data of foreign exchange reserves. According to this data, in the week ending October 18, the forex reserve stood at $688.267 billion with a decrease of $2.163 billion. There has also been a decline in foreign currency assets and it has decreased by 3.885 billion dollars to 598.23 billion dollars. Foreign currency assets have fallen below $600 billion.
According to RBI Gold Reserve, there has been a strong jump in the gold reserve during this period. RBI gold reserve stood at $67.44 billion with an increase of $1.786 billion. SDR has declined by $68 million to $18.27 billion and IMF reserves have declined by $16 million to $4.31 billion. In the first week of October, foreign exchange reserves had crossed 700 billion dollars. But since then there has been a continuous decline. Forex reserves have declined by more than $16 billion in three weeks.
The result of selling in the Indian stock market is that the currency market has closed at the level of Rs 84.08 against one dollar. In the month of October, foreign portfolio investors have withdrawn their money by selling shares worth more than Rs 1 lakh crore, due to which on one hand a decline is being seen in the stock market and on the other hand it has also affected the foreign exchange reserves. Foreign portfolio investors are withdrawing money from the Indian market and investing in China.
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