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Forex reserves fell for the fourth consecutive week, this week decreased by $ 1.16 billion

Forex reserves fell for the fourth consecutive week, this week decreased by $ 1.16 billion

Reserves of $ 637.477 billion after the fall.

Foreign Exchange reserves: There has been a decline in the country’s foreign exchange reserves for the fourth consecutive week. For the week ended October 1, it declined by $1.169 billion to $637.477 billion. The Reserve Bank of India (RBI) gave this information in its latest data on Friday. Due to this, foreign exchange reserves had declined by $ 997 million to $ 638.646 billion in the week ended September 24.

Earlier, in the week ended September 17, foreign exchange reserves had declined by $ 1.47 billion to $ 639.642 billion. Earlier, in the week ended September 3, 2021, foreign exchange reserves had increased by $ 8.895 billion to a high of $ 642.453 billion. According to the weekly data released by the RBI on Friday, this decrease in foreign exchange reserves in the week ended October 1 was mainly due to reduction in foreign currency assets (FCA), which is a significant part of the total reserves.

FCA down by $1.28 billion

The Reserve Bank said that India’s foreign currency assets (FCA) declined by $ 1.28 billion to $ 575.451 billion in the week under review. Foreign currency assets, denominated in dollars, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves.

Gold reserve boom

Apart from this, gold reserves increased by $ 128 million to $ 37.558 billion in the reporting week. The country’s Special Drawing Rights (SDR) with the IMF declined by $138 million to $19.24 billion. The country’s foreign exchange reserves with the IMF increased by $ 122 million to $ 5228 billion.

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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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Shehnaz Ali
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.

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