Forex reserves at three-month low
According to data released from the Reserve Bank of India, there has been a decrease of $ 2.397 billion in foreign exchange reserves during the week ending March 10, 2023. Now its reserves are reduced to 560 billion dollars. This is the lowest level in three months. In fact, last week there was a fall in the value of rupee against the dollar. So the Reserve Bank had to intervene and dollars were sold in the market.
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About $ 18 billion decreased in five weeks
Excluding the week ending March 3, 2023, it has reduced its foreign exchange reserves for four consecutive weeks before that and during the last week. In these five weeks, there has been a decrease of about $ 18.22 billion in its foreign exchange reserves.
There was also a decrease in foreign currency assets.
If you look at the weekly data of the Reserve Bank, then during the week ending March 10, 2023, its foreign currency asset has also decreased. It has decreased by $ 2.2 billion during the week under review. It is noteworthy that Foreign Currency Assets (FCAs) form a significant part of the total foreign exchange reserves. Expressed in dollars, foreign currency assets also include the effects of movements in non-US currencies such as the euro, pound and yen.
Gold reserve also decreased
The value of the country’s gold reserves has also decreased during the week under review. During the week ending March 10, it has decreased by $ 110 million to $ 41.92 billion.
SDR also decreased
According to the Reserve Bank data, there has also been a decrease in India’s Special Drawing Rights or Special Drawing Rights (SDR) during the last week. It has decreased by $ 53 million to $ 18.12 billion during the week under review. The country’s currency reserves kept in the International Monetary Fund (IMF) have also decreased in the week under review. Now it has come down by $11 million to $5.1 billion.
Continuous increase in foreign exchange reserves of Pakistan
As such, at present the condition of Pakistan is like that of a pauper. But for the last five weeks, the foreign exchange reserves there have been increasing continuously. In January this year, the total foreign exchange reserves there were $ 3.11 billion. However, in the week ended February 3, the foreign exchange reserves had decreased by $ 170 million to $ 2.91 billion. But then on 10 February it increased to $3.19 billion. On February 17, it became $ 3.25 billion. It has reached $ 3.81 billion on 24 February 2023. On March 3, 2023, it increased to $ 4.301 billion. Now during the week ending March 10, 2023, it has increased by $ 181 million to $ 4.31 billion.
Source: navbharattimes.indiatimes.com
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