Reserve Bank Of India Foreign Exchange Reserves Down This Week Stock Markt Also Fall Gold Reserve Hike
Foreign Exchange Reserves: There is a continuous decline in the foreign exchange reserves of India. At the same time, foreign investors are rapidly withdrawing money from the stock market. India’s foreign exchange reserves have declined by $ 1.774 billion to $ 595.954 billion in the week ended May 6. Let us tell you that due to the decline in assets, there has been a decline in foreign reserves. The Reserve Bank of India has given information about this by releasing the data.
Know why there is a continuous decline?
Let us tell you that in the previous week, during this period the foreign exchange reserves had decreased by $ 2.695 billion to $ 597.728 billion. At a time when the rupee is under pressure due to withdrawals from foreign investors. The Reserve Bank is reportedly interfering in all markets to protect the rupee. In the six months till March 2022, foreign exchange reserves had fallen by $ 28.05 billion.
RBI released data
According to the weekly data released by the RBI, the fall in foreign exchange reserves has come due to the decrease in foreign currency assets (FCA). Let us tell you that it is a significant part of the total currency reserves. According to the data, FCA declined by $1.968 billion to $530.855 billion.
Increase in gold reserve
Foreign currency assets held in foreign exchange reserves, expressed in dollars, include the effects of appreciation or depreciation in non-US currencies such as the euro, pound and yen. According to the data, the value of gold reserves also increased by $ 135 million to $ 41.739 billion in the week under review.
$11 million down
In the week under review, Special Drawing Rights (SDR) deposits with the International Monetary Fund (IMF) increased by $70 million to $18.370 billion. The country’s currency reserves kept with the IMF decreased by $ 11 million to $ 4.99 billion.