Forex reserves drop by $3 billion to $603.87 billion in 2nd consecutive weekly decline
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Forex reserves drop by $3 billion to $603.87 billion in 2nd consecutive weekly decline

Foreign currency assets, a major component of reserves, fell $2.416 billion to $535.337 billion in the week ended July 28, according to the RBI’s Weekly Statistical Supplement.

The Reserve Bank of India (RBI) said on Friday that India’s foreign exchange reserves fell by $3.165 billion to a total of $603.87 billion for the week that ended on July 28. This marks the second week in a row that the reserves have decreased, following a decline of U$1.987 billion to a total of $607.035 billion in the previous reporting week.

The sum of foreign currency held by the government of the country reached a new all-time high of $645 billion in October 2021. As a result of the central bank using the reserves to defend the rupee against pressures produced mostly by global developments over the course of the past year, the reserves suffered a loss. According to the Weekly Statistical Supplement that was made available by the RBI, the value of the country’s foreign currency assets fell by $2.416 billion to $535.337 billion for the week that ended on July 28. This figure represents a significant component of the reserves.

Forex reserves drop by  billion to 3.87 billion in 2nd consecutive weekly declineThe value of the foreign currency assets, when expressed in terms of dollars, takes into account the effect of the appreciation or depreciation of non-US units such as the euro, pound, and yen that are held in the foreign exchange reserves. According to the RBI, gold reserves decreased by $710 million to a total of $44.904 billion.

According to the most powerful bank in the world, the Special Drawing Rights (SDRs) fell by $29 million to a total of $18.444 billion. According to the figures provided by the supreme bank, the reserve position held by the nation with the IMF decreased by $11 million to reach $5.185 billion during the reporting week.

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Forex reserves drop by  billion to 3.87 billion in 2nd consecutive weekly decline

Written by Akash Jha

Akash Jha is blogger and writer, he has been writing for several top news channels since a decade. His blogs & notions have quality contents.

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