Foreign Exchange Reserves: Break on the decline in foreign exchange reserves, Forex reserves increased by $ 1.15 billion to $ 585.89 billion.

Foreign Exchange Reserves: Break on the decline in foreign exchange reserves, Forex reserves increased by $ 1.15 billion to $ 585.89 billion.

India Foreign Exchange Reserves: The decline in foreign exchange reserves has been put on hold. In the week ending October 13, 2023, foreign exchange reserves have increased by $ 1.153 billion and have increased to $ 585.89 billion. Earlier, at the end of the week, the foreign exchange reserves had come down to 584.75 billion dollars. 

Banking sector regulator Reserve Bank of India (RBI) has released the data of foreign exchange reserves on Friday. According to which the foreign exchange reserves have increased by 1.153 billion dollars to 585.89 billion dollars. However, there has been a decline in foreign currency assets. Foreign currency assets stood at $519.351 billion with a decrease of $178 million. The value of the country’s gold reserves has increased by $1.268 billion to $43.575 billion.  SDR has come down to $17.99 billion with a decrease of $72 million. Whereas the reserves in the International Monetary Fund stood at $4.975 billion with a decrease of $8 million.  

Friday 20 October was a very good day for the Indian currency rupee. The rupee has strengthened against the dollar. The rupee strengthened by 13 paise against one dollar and closed at the level of 83.13. Weakness in the rupee was seen against the dollar in the last several days. 

At the same time, there is pressure on the foreign exchange reserves of RBI. This week there has been heavy selling among foreign investors in the stock market. Due to the ongoing war between Israel and Hamas, the sentiment has deteriorated, the effect of which is being seen in the stock markets around the world, the Indian stock market is also not untouched by this. In the past few days, there has been a huge selloff in the Indian stock market due to selling by foreign investors.  

On the other hand, due to the war, the prices of crude oil are also on the rise. Crude oil is trading at $93.36 per barrel with a rise of 0.98 percent from around $94 per barrel. Due to the rise in crude oil, there may be pressure on foreign exchange reserves. 

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