Foreign exchange reserves decreased for the third consecutive week, know how much remained
There has been a decline in its Foreign Currency Asset once again. This is the third consecutive week that it has decreased. Earlier it had increased only two weeks ago. Before that it had decreased for 10 consecutive weeks.
There has been a decline of $ 5.87 billion
According to the Reserve Bank of India (RBI) data, there has been a decrease of $ 5.87 billion in India’s foreign exchange reserves in the week ended June 17. With this, now its foreign exchange reserves have come down to $ 590.588 billion. The forex reserves had declined by $4.599 billion to $596.458 billion in the previous week (for the week ended June 10, 2022). This happened for the third consecutive week, while India’s foreign exchange reserves have decreased.
Even before May 20, it had decreased for 10 consecutive weeks
Its foreign exchange reserves had been below $600 billion for more than a month. With this, it had fallen for 10 consecutive weeks. It was then increased during the week ending May 20, 2022 and May 27, 2022. According to RBI’s weekly statistical data, the country’s foreign exchange reserves increased by $ 3.854 billion to $ 601.363 billion in the week on May 27.
Decline in foreign currency assets
The reason for the decline in foreign exchange reserves during the week ended June 10 is due to fall in foreign currency assets or foreign currency assets. It is a significant component of the total foreign exchange reserves. According to the data, the foreign currency asset (FCA) declined by $ 5.362 billion to $ 526.882 billion in the reporting week. 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.
Gold reserves also declined
According to Reserve Bank data, the value of gold reserves also declined by $ 258 million to $ 40,584 billion in the week under review.
In the reporting week, Special Drawing Rights (SDR) deposits with the International Monetary Fund (IMF) declined by $233 million to $18.155 billion. The country’s currency reserves kept with the IMF also declined by $ 17 million to $ 4968 billion.
