Foreign Exchange Reserves: The country’s foreign exchange reserves (Foreign Exchange Reserves) has declined. This is the fifth consecutive week that there has been a decrease in foreign exchange reserves. The Reserve Bank of India (RBI) gave this information in its latest data on Friday. It is believed that due to the steep rise in the prices of crude oil, the RBE has done the work of selling dollars to stop the fall in the rupee against the dollar, due to which the foreign exchange reserves have decreased. According to RBI data, for the week ended April 8, foreign exchange reserves have declined by $ 2.471 to $ 604.004 billion. In fact, government oil companies have to pay more dollars to buy crude oil, so foreign exchange reserves have also decreased.
According to the RBI’s weekly data released on Friday, the increase in foreign exchange reserves, foreign currency assets (FCA) which includes dollar holdings as well as other global currencies such as euro, pound and yen, led to an increase of 10.7 billion in the reporting week. The dollar fell to $ 539.727 billion.
Forex reserves were at all-time high in September
Earlier, in the week ending September 3, 2021, the foreign exchange reserves had reached an all-time level of $ 642.453 billion. But after the selling of foreign investors, then RBI sold dollars to save the rupee from falling, due to which the foreign exchange reserves have decreased.