Last week, India’s foreign exchange reserves increased by $ 1.657 billion to $ 586.412 billion. Significantly, in October 2021, the country’s foreign exchange reserves had reached an all-time high of $ 645 billion.
This time there is disappointment for India on the front of foreign exchange reserves. India’s foreign exchange reserves have weakened after reaching a nine-month high. It declined last week after climbing for two consecutive weeks.
India’s foreign exchange reserves declined by $2.16 billion during the week ended April 21, according to data released by the Reserve Bank of India on Friday. It is now reduced to $ 584.248 billion.
Due to this, India’s total foreign exchange reserves had increased by $ 1.657 billion to reach $ 586.412 billion in the previous week. Let us tell you that in October 2021, the country’s foreign exchange reserves had reached its all-time high of $ 645 billion.
According to the Reserve Bank data, India’s foreign currency assets have also decreased during the week ending April 21, 2023. It has now reduced by $ 2.146 billion to $ 514.489 billion. Let us tell you that foreign currency assets are the largest component of foreign exchange reserves.
According to analysts, to save the rupee from breaking due to global reasons, the RBI used its currency reserves, after which it has registered a decline. Foreign currency assets expressed in dollars also include the value of non-US currencies such as the euro, pound, yen.
According to the Reserve Bank, the value of gold reserves has also decreased in the last week. It has decreased by $ 24 million to $ 46.151 billion. According to the Reserve Bank data, there has been an increase in India’s Special Drawing Rights or Special Drawing Rights (SDR) during the last week.
According to the data, the SDR has increased by $ 19 million to $ 18.431 billion. Meanwhile, the country’s reserves with the International Monetary Fund (IMF) declined by $14 million to $5.176 billion.
This week there has been an increase in Pakistan’s foreign exchange reserves. This is the second consecutive week, while the foreign exchange reserves there have increased. Earlier, there was a decline in foreign exchange reserves for three consecutive weeks.