Then there has been a decrease for the third consecutive week
According to information received from the Reserve Bank of India (RBI), the country’s foreign exchange reserves declined by $ 6.687 billion to $ 564.053 billion during the week ended August 19, 2022. Earlier on August 12, it had come down by $ 2.23 billion to $ 570.74 billion. It had also decreased in the week ending August 5 in the same month. However, during the week ended July 29, its foreign exchange reserves increased by $ 2.4 billion to $ 573.875 billion. Prior to that, the country’s foreign exchange reserves had declined for four consecutive weeks.
Foreign currency assets also decreased
The main reason for the decline in foreign exchange reserves in the week ended August 19 is the occurrence of foreign currency assets. It is a significant part of the total currency reserves. Foreign currency assets (FCA) declined by $5.77 billion to $501.216 billion in the week under review, according to the RBI’s weekly data for India released on Friday. 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.
Decrease in gold reserves
According to the data, the value of gold reserves decreased by $ 704 million to $ 39.914 billion in the week under review. It had increased by $305 million to $40.61 billion in the previous week.
SDR also decreased
In the week under review, Special Drawing Rights (SDR) deposits with the International Monetary Fund (IMF) declined by $146 million to $1798 billion. While the currency reserves of the country kept with the IMF also fell by $ 58 million to $ 4.936 billion. It had increased by $7 million during the previous week.
Source: navbharattimes.indiatimes.com
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