India Forex Reserve: India’s foreign exchange reserves are continuously declining and this trend has continued in the last week as well. The country’s foreign exchange reserves have declined by $8.71 billion to $625.87 billion in the week ending January 10. The Reserve Bank of India (RBI) said on Friday that in the previous week it had decreased by 5.69 billion dollars to 634.58 billion US dollars. If seen in this way, the country’s foreign exchange reserves have decreased by about 9 billion dollars in the last week, whereas in the previous week the forex reserves had declined by about 7 billion dollars.
Why is there a continuous decline in foreign exchange reserves?
Foreign exchange reserves have been declining for the last few weeks. The reason for this decline is the intervention of RBI in the foreign exchange market to reduce the fluctuations in the rupee, along with this, the valuation of the rupee is also becoming the reason behind its fall.
Forex reserve was highest in September
At the end of September, foreign exchange reserves had increased to an all-time high of US $ 704.88 billion and the government had given this information in the winter session of Parliament.
Know in which areas forex reserves decreased
According to the data released on Friday, RBI has said that in the week ending January 10, foreign currency assets, a major part of foreign exchange reserves, have declined by $ 9.47 billion to $ 536.01 billion. Foreign currency assets quoted in dollar terms include the impact of movements in non-US currencies such as the euro, pound and yen held in foreign exchange reserves.
Country’s gold reserve increased
In the week under review i.e. the week ending January 10, the value of India’s gold reserves increased by $ 792 million to $ 67.88 billion. Along with this, Special Drawing Rights (SDR) have decreased by $ 33 million to $ 17.78 billion.
How much reserves did the IMF have?
According to Reserve Bank data, India’s reserves with the International Monetary Fund (IMF) have declined by $4 million to $4.19 billion this past week.
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