Buzz Update For the fifth week in a row, Indian forex reserves fell by $ 2.47 billion TOU

Buzz Update For the fifth week in a row, Indian forex reserves fell by $ 2.47 billion

 TOU

For the fifth week in a row, Indian forex reserves fell by $ 2.47 billion

Mumbai (Maharashtra) [India]April 16 (ANI): India’s foreign exchange reserves (Forex) fell by $ 2.47 billion for the fifth week in a row as the Reserve Bank of India (RBI) continued to sell dollars for the week ended April 8. The rupee depreciated amid high import bills for petroleum products.

According to the RBI’s weekly statistical supplement, Indian forex reserves fell by $ 2.471 billion to $ 604.004 billion for the week ended April 8.

This is the fifth week in a row that the country’s forex reserves have fallen. The country’s forex reserves have declined by $ 28.5 billion in the last five weeks under review.

For the week ended April 1, forex reserves fell by $ 11.17 billion, a weekly fall like never before.

Indian forex reserves fell sharply after reaching an all-time high of $ 642.453 billion on September 3, 2021.

Forex reserves declined as foreign currency assets plummeted.

During the week ended April 8, India’s foreign exchange reserves declined by $ 2.082 billion to $ 537.645 billion. Foreign currency assets declined by $ 10.727 billion in the previous week.

Foreign currency assets are the largest component of forex reserves. Foreign currency assets, expressed in US dollars, have the effect of depreciating the value of non-dollar currencies such as the euro, the UK pound sterling and the Japanese yen in foreign exchange reserves.

Gold reserves fell $ 215 million to $ 42.519 billion during the week under review. For the week ended April 1, it dropped $ 507 million.

The other two components of forex reserves also declined. The value of India’s exclusive drawing rights (SDRs) with the International Monetary Fund (IMF) fell by $ 141 million to $ 18.738 billion.

According to RBI data, India’s reserve position in the IMF fell by $ 34 million to $ 5.101 billion in the week ended April 8. (ANI)

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