RBI Data: Forex reserves came down to $583.53 billion with a decrease of $2.36 billion, effect of selling by foreign investors!

RBI Data: Forex reserves came down to 3.53 billion with a decrease of .36 billion, effect of selling by foreign investors!

India Foreign Exchange Reserves: There has been a big decline in foreign exchange reserves. According to the data of forex reserves released by RBI, the foreign exchange reserves have declined by $ 2.363 billion for the week ending October 20, 2023, to $ 583.53 billion.  Earlier in the week, foreign exchange reserves were  585.89 billion dollars. 

Banking sector regulator Reserve Bank of India (RBI) has released the data of foreign exchange reserves on Friday. According to which, on October 20, the foreign exchange reserves have decreased by 2.363 billion dollars and have come down to 583.53 billion dollars  There has been a big decline in foreign currency assets. Foreign currency assets declined by $4.149 billion to $515.202 billion. 

There has been a jump in the gold reserves of RBI. In recent times, central banks have purchased gold, due to the rise in gold prices, the gold reserve of RBI has increased to 45.42 billion dollars. SDR has come down to $17.92 billion with a decrease of $72 million. Whereas the reserves deposited in the International Monetary Fund have increased by 8 million dollars to 4.98 billion dollars.  

If we look at the reasons for the decline in foreign exchange reserves, global political tension has increased after the war between Israel and Hamas in West Asia. Due to this, there has been a decline in stock markets around the world. Investors have withdrawn investments due to which foreign exchange reserves have decreased. At the same time, due to the rise in crude oil prices, there has been a dent in the reserves.  

In recent times, there has been a decline in the Indian currency rupee against the dollar. However, on Friday 27th October the prices remained stable. The rupee has closed at Rs 83.24 against one dollar. Rupee has weakened by 11 paise in the last one week.

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