Thursday , April 18 2024

Foreign exchange decreased by $5.24 billion to $617.23 billion

RBI (Reserve Bank of India) has released the foreign exchange reserve figures on Friday, 17 February 2024. According to this data, in the first week the foreign exchange reserves decreased by $ 5.24 billion from $ 622.469 billion to $ 617.23 billion. According to RBI data, a huge decline has also been seen in foreign currency assets. Foreign currency assets declined by $ 4.80 billion to $ 546.52 billion.

RBI's gold reserves have declined. RBI's gold reserves fell by $350 million to $47.73 billion. SDR also declined and fell by $55 million to $18.13 billion. The reserves deposited with the International Monetary Fund (IMF) also declined and fell by $ 28 million to $ 4.82 billion.

On 16 February 2024, the rupee strengthened against the dollar in the currency market. The rupee strengthened by 4 paise to close at 83.01 against the dollar, the rupee's lowest level in a trading session. It closed at the level of 83.05.

When RBI intervenes in the currency market to stabilize the local currency, there is a large change in foreign currency assets. Interventions in the currency markets cause foreign currency assets to increase or decrease, which impacts the foreign exchange reserves of the RBI. The RBI Governor has already said that India is fully capable of meeting the external debt needs of the country.