There is a continuous decline in India's foreign wealth. India's forex reserves have been decreasing for 10 consecutive weeks. During this period, there has been a decline of more than Rs 1.44 lakh crore in foreign wealth. The surprising thing is that the Forex reserve has reached its lowest level in about 6 months. In fact, due to the increase in the dollar index, RBI is busy balancing the rupee. Because of which it is withdrawing dollars from its reserves and selling them. Besides, India has to spend more dollars to buy foreign goods. For this reason, there is a continuous decline in the dollar. Let us also tell you how much is India's forex reserve at present.
Decline in the country's forex reserves
The country's foreign exchange reserves declined by $2.17 billion to $584.74 billion in the week ending October 6. The Reserve Bank of India (RBI) gave this information on Friday. Last week, the country's total currency reserves declined by $3.79 billion to $586.91 billion. In October 2021, the country's foreign exchange reserves reached a life time high of $645 billion. Last year, amid pressures arising from global developments, the RBI had used this capital reserve to stop the fall in the exchange rate of the rupee, which led to a decline in foreign exchange reserves.
Decline in assets also
According to the weekly data of the Reserve Bank, foreign currency assets, an important part of the foreign exchange reserves, decreased by $ 707 million to $ 519.53 billion in the week ending October 6. Expressed in dollars, foreign currency assets also take into account the effects of movements in non-US currencies such as the euro, pound and yen.
Gold reserve also reduced
The value of gold reserves decreased by $ 1.42 billion to $ 42.31 billion. According to the data, Special Drawing Rights (SDR) declined by $15 million to $17.92 billion. In the week under review, the country's currency reserves kept with the International Monetary Fund (IMF) decreased by $ 19 million to $ 4.98 billion.
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