Foreign Exchange Reserves: The trend of decline in foreign exchange reserves continues, reserves decreased by $ 2.16 billion to $ 584.75 billion.

Foreign Exchange Reserves: The trend of decline in foreign exchange reserves continues, reserves decreased by $ 2.16 billion to $ 584.75 billion.

India Foreign Exchange Reserves: Foreign exchange reserves are declining due to selling by foreign investors. In the week ending October 6, 2023, foreign exchange reserves have declined by $ 2.16 billion to $ 584.75 billion, which was $ 586.908 billion in the previous week.  

Reserve Bank of India (RBI) has released the data of foreign exchange reserves on Friday. According to which the foreign exchange reserves have decreased by 2.16 billion dollars to 584.75 billion dollars. The value of the country’s gold reserve has declined by $576 million to $43.731 billion. Whereas foreign currency assets have declined by $707 million to $519.52 billion. Gold reserves of RBI declined by $1.42 billion to $42.30 billion. SDR has come down to $17.92 billion with a decrease of $15 million. Whereas the reserves in the International Monetary Fund have decreased by 19 million dollars to 49.83 billion dollars.  

On one hand the foreign currency reserves are declining while on the other hand the rupee continues to weaken against the dollar. On Friday, October 13, the rupee closed at Rs 83.26 against one dollar. For the last several days, the rupee has remained above the level of 83 against the dollar. On one hand, the dollar is strengthening against the rupee, while due to global reasons, the prices of crude oil are also rising, after which there is a possibility of further reduction in the foreign currency reserves of RBI. In fact, government oil companies will need more dollars to buy crude oil.  

In October 2021, the country’s foreign exchange reserves had reached the highest level of $645 billion. However, last year, amid the pressures arising from global developments, the RBI had used this capital reserve to stop the fall in the exchange rate of the rupee, due to which there has been a decline in the foreign exchange reserves. 

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