Forex Reserves: Foreign exchange reserves are falling down, decreased to 11 months low amidst the fall in rupee

Forex reserves: Amidst the weakness in the rupee, there is a continuous decline in the country’s foreign exchange reserves. The country’s foreign exchange reserves declined by $ 1.88 billion to $ 623.98 billion in the week ended January 17. The Reserve Bank of India (RBI) said on Friday that it had declined by $ 8.71 billion to US $ 625.87 billion in the previous week.

Foreign exchange reserves have been declining for the last few weeks. The reason for this decline is believed to be the RBI’s intervention as well as evaluation in the foreign exchange market to reduce rupee fluctuations. In late September, foreign exchange reserves rose to the highest level of $ 704.88 billion so far.

According to data released on Friday by the RBI, the major part of the foreign exchange reserves declined by $ 2.88 billion to $ 533.13 billion in the week ended on January 17. Foreign exchange assets mentioned in terms of dollars include the effects of the decrease of non-American currencies such as euros, pounds and yen placed in foreign exchange reserves.

The price of gold reserves increased by $ 10.63 lakh to $ 68.95 billion in the week under review. Special withdrawal rights (SDR) declined by $ 2 million to $ 17.78 billion. According to the Reserve Bank data, India’s reserved reserves declined by $ 7.4 million to $ 4.12 billion in the International Monetary Fund (IMF) in the week under review.

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