Saturday, May 28, 2022

The Reserve Bank of India’s foreign exchange reserves declined this week


Foreign currency reserves: India’s foreign exchange reserves have been steadily declining. At the same time, foreign investors are withdrawing money from the stock market. For the week ended May 6, India’s foreign exchange reserves fell by $ 1.774 billion to $ 595.954 billion. Let me tell you that the decline in assets has led to a decline in foreign exchange. The Reserve Bank of India has released the figures.

Find out why there is a continuous decline?
Last week, foreign exchange reserves declined by $ 2.695 billion to $ 597.728 billion during the same period last year. The rupee is under pressure due to withdrawals from foreign investors. It is known that the RBI is intervening in all markets to protect the rupee. In the six months to March 2022, foreign exchange reserves fell by 28.05 billion.

The RBI released the figures
According to the weekly data released by the RBI, the decline in foreign exchange reserves was due to the depreciation of foreign exchange assets (FCA). Let us also tell you that this is an important part of total currency reserves. According to the data, FCA fell by 1.968 billion to $ 530.855 billion.

Increase in gold reserves
Foreign currency assets held in foreign currency reserves expressed in dollars include the appreciation or depreciation of non-US currencies such as the euro, pound, and yen. During the week under review, the value of gold reserves also increased by $ 135 million to $ 41.739 billion.

$ 11 million down
During the week under review, Special Drawing Rights (SDR) deposits with the International Monetary Fund (IMF) increased by $ 70 million to .3 18.370 billion. The country’s IMF reserves fell by $ 11 million to $ 4.99 billion.

Also read:
Indian Railways: Railway Passengers Please Pay Attention! Railways canceled these trains till June 8, see full list of canceled trains

ICICI Bank raises interest rates on FDs again, benefits customers!

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