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Forex Reserve: The country’s foreign exchange reserves are continuously declining and it has declined by $ 4.11 billion to $ 640.28 billion in the week ending December 27. The Reserve Bank of India (RBI) has given this information on Friday. The country’s foreign exchange reserves had also fallen last week. Due to this, in the last week the country’s foreign exchange reserves had decreased by $ 8.48 billion to $ 644.39 billion. At the end of September, foreign exchange reserves had increased to an all-time high of US$ 704.88 billion, but since then it has been in a declining trend.
Why are foreign exchange reserves declining?
Foreign exchange reserves have been declining for the last few weeks and the reason for this decline is believed to be that RBI has intervened in the foreign currency market to reduce the fluctuations in the rupee. Apart from this, a change in valuation has also been seen in the currency market due to which the value of rupee has declined against the dollar and is decreasing.
What is special in the data released today?
According to the data released on Friday, in the week ending December 27, the major part of foreign exchange reserves i.e. foreign currency assets have declined by $ 4.64 billion to $ 551.92 billion. Foreign currency assets expressed in dollar terms include the impact of movements in non-US currencies such as the euro, pound and yen held in foreign exchange reserves.
In the same week, the value of gold reserves has increased by $ 541 million to $ 66.27 billion. Apart from this, Special Drawing Rights i.e. SDR has decreased by 12 million dollars to 17.87 billion dollars. According to the data of the Reserve Bank, in the last week, India’s reserves with the International Monetary Fund (IMF) stood at 4.22 billion dollars, which was seen without any change.
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