Forex Reserve: India’s foreign exchange reserves are continuously decreasing and it is also a matter of great concern for the Reserve Bank of India. Today RBI has released the data and told that the foreign exchange reserves of the country have gone down to the lowest level of more than 2 years. The decline of the country’s currency rupee is also a major reason for this and foreign currency assets have also decreased.
How much has the country’s foreign exchange reserves become
The country’s foreign exchange reserves have come down by $ 3.85 billion to $ 524.52 billion in the week ended October 21. This is its lowest level in more than 2 years. RBI has released data and said that despite efforts being made to stop the continuous fall of rupee, there is a decrease in foreign exchange reserves.
Huge fall in spot forex reserves
The spot forex reserve, which had reached a record high of $ 642.45 billion in September last year, has now come down to $117.93 billion. Its steep decline is indicating that all is not as good as the golden period on the economic front.
Rupee’s fall is the big reason
The reason for the big fall in India’s foreign exchange reserves is that the country’s currency rupee is continuously going to lower levels, to stop which RBI may have to sell more dollars from its treasury. Due to this the forex reserve will decrease further.
The effect of shortage of foreign currency assets
The reason behind the decline in the foreign exchange reserves of the country is also that foreign currency assets are decreasing rapidly here and its effect is being seen on the foreign exchange reserves. It is also a matter of concern that in the last 11 out of 12 weeks, there has been a decline in foreign exchange reserves and this figure can increase the dire situation of the country’s treasury.
Know the statistics of foreign currency assets and gold reserves
If we look at the foreign currency assets, they have come down by $ 3.59 billion to $ 465.08 billion in the week ended October 21. Apart from this, the gold reserve has come down from $ 247 lakh to $ 37.21 lakh.
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