India Forex Reserves: There has been a big decline in India’s foreign exchange reserves. According to the data released by the Reserve Bank of India, the regulator of the banking sector, there has been a decline of $ 6 billion in the week ending May 19, 2023. Foreign exchange reserves declined by $6.052 billion to $593.47 billion.
After October 2021 till October 2022, there was a continuous decline in foreign exchange reserves. During this, there was a huge weakness in the rupee against the dollar, due to which the RBI had to sell dollars from its funds to strengthen the rupee. Then the foreign exchange reserves had come down to the level of 525 billion dollars. Recently, the RBI governor has also defended his decision. He said that it is the duty of RBI to ensure stability in the exchange rate.
The RBI governor said that due to the Russia-Ukraine war, the withdrawal of foreign investment was being seen. In such a situation, in order to give confidence to domestic and foreign investors, the RBI had to intervene to stop the fluctuations in the exchange rate. The rupee declined by 17 paise to close at Rs.82.57 against the dollar on Friday, May 19.
Adani Wilmar Update: After branded flour, packed wheat will also be available in the market, Adani Wilmar announced to sell wheat under the name of Fortune brand
Get the more latest Business news updates