Forex reserves decrease for the 7th consecutive week

New Delhi, 23 September (His). There is a shocking news for the government on the front of the economy. The country’s foreign exchange reserves have declined for the 7th consecutive week. Foreign exchange reserves declined by $5.22 billion to $545.652 billion for the week ended September 16, as against $550.871 billion, down by $2.234 billion […]
 


Forex reserves decrease for the 7th consecutive week

New Delhi, 23 September (His). There is a shocking news for the government on the front of the economy. The country’s foreign exchange reserves have declined for the 7th consecutive week. Foreign exchange reserves declined by $5.22 billion to $545.652 billion for the week ended September 16, as against $550.871 billion, down by $2.234 billion in the previous week. This information was given by the Reserve Bank of India (RBI) on Friday.

According to RBI data, the main reason for the fall in foreign exchange reserves is the reduction in foreign currency assets (FCA), special drawing rights (SDR), gold and the International Monetary Fund (IMF) reserves. According to the Reserve Bank, foreign exchange reserves declined by $ 5.22 billion to $ 545.652 billion in the week ended September 16. This is the lowest level of foreign exchange reserves since October 2, 2020.

According to the data, FCA, the largest component of foreign exchange reserves, fell by $ 4.7 billion to $ 484.9 billion. During this period, the value of gold reserves has also declined by $ 458 million to a level of $ 38.2 billion. However, the fall in foreign reserves is partly due to the change in valuation. At the same time, analysts believe that a large part of the forex reserves have been used by the Reserve Bank to intervene in the money market to prevent the rupee from depreciating more rapidly against the dollar.

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