Forex Reserve Reduced: The country’s foreign exchange reserves declined by $ 1.152 billion to $ 571.56 billion in the week ended July 22. The foreign exchange reserves have come down amidst continuous fluctuations in the exchange rate of the rupee against the dollar. Let us tell you that this is the fourth consecutive week of decline in foreign exchange reserves.
RBI gave information
According to the Reserve Bank of India (RBI) data, during the week ended earlier, foreign exchange reserves fell by $ 7.541 billion to $ 572.712 billion.
The reason for the decline in foreign exchange reserves is the depletion of foreign currency assets, which constitute a significant part of the total reserves. According to the weekly data of India released by the Reserve Bank of India on Friday, foreign currency assets (FCA) declined by $ 1.426 billion to $ 510.136 billion in the reporting week. According to the data, the value of gold reserves also increased by $ 145 million to $ 38.502 billion in the week under review.
SDR increased with IMF
In the week under review, special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $106 million to $17963 billion. The country’s currency reserves kept in the IMF also increased by $ 23 million to $ 4.96 billion.
Know Forex Reserves
Foreign currency assets held in foreign exchange reserves, expressed in dollars, include the effects of appreciation or depreciation in non-US currencies such as the euro, pound and yen.