June 19, 2024
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India’s Forex Reserves Fall To Lowest Since July 2020

The RBI said on Friday that India’s foreign exchange holdings decreased by USD 3.847 billion to USD 524.52 billion for the week ending October 21. Since July 2020, this is the lowest level. The aggregate reserves have been falling for several months now, falling by USD 4.50 billion to USD 528.37 billion in the preceding reporting week.

The nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021. The reserves have been dropping as the central bank uses its funds to defend the rupee against pressures mostly brought on by international events.

In the week ending October 21, foreign currency assets (FCA), a significant portion of total reserves, decreased by USD 3.593 billion to USD 465.075 billion, according to the Weekly Statistical Supplement provided by the RBI on Friday.

The value of the appreciation or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms.

According to the report, the value of gold reserves fell by USD 247 million to USD 37.206 billion. According to the top bank, the Special Drawing Rights (SDRs) increased by USD 7 million to USD 17.44 billion. According to data from the central bank, the nation’s reserve position with the IMF decreased by USD 14 million to USD 4.799 billion during the reporting week.

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