look news india
Ahmedabad: The country’s foreign exchange reserves are continuously decreasing amid the weakness in the rupee. The country’s foreign exchange reserves declined by $1.88 billion to $623.98 billion in the week ending January 17.
It declined by $8.71 billion to $625.87 billion last week, the Reserve Bank of India said.
There has been a continuous decline in foreign exchange reserves for the last few weeks. The reason for this decline is believed to be the intervention of RBI in the foreign exchange market to reduce the fluctuations and devaluation of the rupee. Foreign exchange reserves rose to an all-time high of $704.88 billion at the end of September.
According to Reserve Bank data, foreign exchange assets, a key component of foreign exchange reserves, declined by $2.88 billion to $533.13 billion in the week ended January 17. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in foreign exchange reserves.
During the week under review, gold reserves increased to $ 68.95 billion. Special Drawing Rights decreased by $1 million to $17.78 billion. According to Reserve Bank data, India’s reserves with the International Monetary Fund (IMF) declined by $74 million to $4.12 billion in the week under review.
