Foreign Exchange Reserves: There has been a huge decline in foreign exchange reserves from the all-time high. The Reserve Bank of India has released the data of foreign exchange reserves. According to this data, the forex return has come down by $ 3.47 billion to $ 667.38 billion which was $ 670.85 billion in the previous week.
The Reserve Bank of India has released the data of foreign exchange reserves for the week ended July 26, 2024. According to these figures, the foreign exchange reserves have come down by $ 3.47 billion to $ 667.38 billion, which was around $ 671 billion in the previous week, which was an all-time high level. Foreign currency assets have also seen a decline during this period and it has come down by $ 1.17 billion to $ 586.87 billion, which was $ 588.04 billion in the previous week.
There has been a big drop in RBI’s gold reserve. RBI’s gold reserve has dropped by $2.29 billion to $57.69 billion. SDR has dropped by $5 million to $18.20 billion. However, there has been a slight increase in the reserve deposited with the International Monetary Fund (IMF) and it has increased by $2 million to $4.61 billion.
In fact, in the week for which this data of foreign exchange reserves has been released, foreign investors in the Indian stock market, disappointed with the budget, sold their investments heavily and withdrew their investments, due to which this decrease in foreign exchange reserves has been seen. After this, the rupee weakened against the dollar. Whenever the RBI intervenes in the currency market to protect the domestic currency from falling or to strengthen it, then there is a change in the forex reserve.
On August 2, the rupee closed at 83.74 against the dollar in the currency market with a weakness of one paisa, which was closed at 83.73 in the previous session.
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