Forex reserves latest update: India’s foreign exchange reserves declined by $ 1.169 billion to $ 637.477 billion in the week ended October 1. The Reserve Bank of India (RBI) gave this information in its latest data. According to the news of PTI, in the last week ended September 24, forex reserves decreased by $ 997 million to $ 638.646 billion.
Reasons for decrease in foreign exchange reserves
According to the news, earlier in the week ending September 3, 2021, foreign exchange reserves had increased by $ 8.895 billion to reach an all-time high of $ 642.453 billion. According to the weekly data released by RBI on Friday, this reduction in foreign exchange reserves in the week ended October 1 was mainly due to reduction in foreign currency assets (FCA), which is a significant part of the total reserves.
Increase in gold reserve
The Reserve Bank said that India’s foreign currency assets (FCA) declined by $ 1.28 billion to $ 575.451 billion in the week under review. Foreign currency assets, denominated in dollars, also include the effect of increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves. Apart from this, gold reserves increased by $ 128 million to $ 37.558 billion in the week under review.
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The country’s Special Drawing Rights (SDR) with the IMF declined by $138 million to $19.24 billion. The country’s foreign exchange reserves with the IMF increased by $ 122 million to $ 5228 billion.