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India Forex Reserve Drops: At a time when there is a high American tariff on India and the H1B visa fees have been increased, despite these adverse circumstances, every possible steps are being taken by the Central Government to speed up the economy. One of those steps is GST Reform and Free Trade Agreement with other countries including Britain. But despite the strength on the economic front, while the Indian currency went on all time low recently compared to the US dollar, on the other side another disappointing news has come out. Hearing this, the neighboring enemy country will be happy with Pakistan as well as China.
Foreign exchange reserves decreased
In fact, the country’s foreign exchange reserves declined by $ 39.6 million to $ 702.57 billion in the week ended September 19. Information was given by the Reserve Bank of India (RBI) on Friday. A week before this, the total foreign exchange reserves of the country increased by $ 4.69 billion to $ 702.97 billion.
According to the Reserve Bank data, foreign exchange assets, considered to be the major component of currency reserves in the week ended September 19, declined by $ 86.4 million to $ 586.15 billion.
Why did there be a shortage?
Forex assets expressed in terms of dollars include the effect of price growth or depreciation in non-American currencies such as euros, pounds and yen. According to the central bank, the country’s gold reserves increased by $ 36 million to $ 92.77 billion in the current week. During this period, special drawing rights (SDR) rose $ 10.5 million to $ 18.87 billion. According to the Reserve Bank data, India’s reserved reserves in the International Monetary Fund increased by $ 296 billion in the week under review.
