For the first time, there has been a sharp decline in the country’s foreign exchange reserves. According to RBI data, the country’s foreign exchange reserves declined from US $ 908 million (million dollars) to US $ 640.1 billion (billion dollars) in the week ended October 22. Gaya. In the previous week on 15 October, reserves had risen by US$ 1.492 billion to US$ 641.008 billion. In the week ended September 3, 2021, reserves had reached an all-time high of USD 642.453 billion.
The decline in gold reserves affected the most
In the week ended October 22, the decline in reserves was due to a fall in foreign currency assets (FCA), a major component of the overall reserves, and a fall in gold reserves issued by the Reserve Bank of India (RBI). The Reserve Bank said that India’s foreign currency assets (FCA) declined by $ 853 million to $ 577.098 billion in the week under review. Not only this, the data shows that gold reserves declined by $ 138 million to $ 38.441 billion in the reporting week. Done. RBI has issued a statement saying that due to the depletion of gold reserves, there has been a huge loss to the currency reserves. Gold reserves are an important source of income for the currency reserves.
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Increase in Special Drawing Rights
Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by US$ 74 million to US$ 19.321 billion. The country’s foreign exchange reserves with the IMF increased by $ 10 million to $ 5.240 billion. Explain that foreign currency assets, expressed 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. Which has affected the entire currency reserves.
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