India’s foreign exchange reserves got a sharp blow, know how many dollars are left in the reserves with RBI now
[ad_1]
Foreign Reserves of India: Last week till October 20, there was a decline of 2.36 billion dollars in the country’s foreign exchange reserves. After this, it remained 582.53 billion dollars. The Reserve Bank of India said that in the previous week, the country’s total currency reserves had increased by $ 1.153 billion to $ 585.895 billion.
In October 2021, the country’s foreign exchange reserves had reached an all-time high of $645 billion. But last year, amid the pressures arising from global developments, the RBI had used this capital reserve to stop the fall in the exchange rate of the rupee, which led to a reduction in the foreign exchange reserves.
According to the weekly data of the Reserve Bank, foreign currency assets, an important part of the foreign exchange reserves, declined by $ 4.15 billion to $ 515.2 billion in the week ending October 20. Expressed in dollars, foreign currency assets also take into account the effects of movements in non-US currencies such as the euro, pound and yen.
The value of gold reserves increased by $ 1.85 billion to $ 45.42 billion. According to the data, Special Drawing Rights (SDR) decreased by 7 (seven) crore dollars to 17.93 billion dollars. In the week under review, the country’s currency reserves kept with the International Monetary Fund (IMF) increased by 6 million dollars to 4.98 billion dollars.
Foreign exchange reserves are a special type of economic reserve held by a country or individual in the amount of foreign currency (for example, dollars, euros, etc.) that is different from their home country’s currency. This foreign currency can be useful for various industries and investments or used for foreign travel and business purposes. Foreign exchange reserves can be important for measuring a country’s economic position, as it can show their economic sensitivity and relationship with international financial markets.
However, the Central Board of Directors of RBI on Friday reviewed the economic and financial situation, including challenges arising from geopolitical conflicts. The 604th meeting of the Board of Directors was held in Rishikesh under the chairmanship of RBI Governor Shaktikanta Das. According to a statement issued by the central bank, the Board of Directors reviewed global and domestic economic and financial developments, including the challenges posed by emerging geopolitical conflicts. The statement said the Central Board of Directors also discussed the functioning of various sub-committees, the Lokpal Scheme and activities of select Central Office Departments.
[ad_2]
Source link
