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Forex: India’s foreign exchange reserves are continuing to decline. The Reserve Bank of India (RBI) has informed on Friday that the country’s foreign exchange reserves have declined by $ 8.48 billion to $ 644.39 billion in the week ending December 20. Due to this, in the last week the country’s foreign exchange reserves had declined by $ 1.99 billion to a six-month low of $ 652.87 billion.
Why are foreign exchange reserves declining?
Foreign exchange reserves have been declining for the last few weeks. The reason for this decline is being considered to be RBI’s intervention in the foreign exchange market as well as valuation to reduce the fluctuations in the rupee.
Foreign exchange reserves reached all-time high in September
At the end of September, foreign exchange reserves had increased to an all-time high of US $ 704.88 billion. According to the data released on Friday, the major part of foreign exchange reserves or foreign currency assets declined by $ 6.01 billion to $ 556.56 billion in the week ending December 20. 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.
The value of gold reserves also declined
In the week under review, the value of gold reserves decreased by $ 2.33 billion to $ 65.73 billion. Special Drawing Rights (SDR) declined by $112 million to $17.88 billion. According to the data of the Reserve Bank, during the period under review, India’s reserves with the International Monetary Fund (IMF) have also decreased by $ 23 million to $ 4.22 billion.
Foreign exchange reserves were also discussed in Parliament
The country’s foreign exchange reserves were also discussed during the winter session of Parliament in which the Finance Ministry informed that the then forex data had seen an all-time high of US$ 700 billion (704.88 billion) in September. Are.
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