Foreign exchange reserves fell to the lowest level in two years, there was a decline for the 9th consecutive week

BombayThere was again a decrease in the country’s foreign currency holdings. This is the 9th week in a row that it has fallen. Its effect is visible on the country’s foreign exchange reserves. This is why India’s foreign exchange reserves decreased by $4.854 billion during the week ended September 30, 2022. This is the lowest level since July 2020.

Then there was a decline for the 9th week in a row
According to information received from the Reserve Bank of India (RBI), its foreign exchange reserves decreased by $4.854 billion to $532.664 billion during the week ended September 30, 2022. Earlier, during the week ended September 23, 2022, the country’s foreign exchange reserves had decreased by $8.134 billion to $537.518 billion. It has been steadily declining since the week ending August 5 last month. However, during the week ended July 29, its foreign exchange reserves increased by $2.4 billion to $573.875 billion. Previously, the country’s foreign exchange reserves had shrunk for four consecutive weeks.

Currency holdings also fell
According to weekly data released by the RBI on Friday, there was a decrease in foreign exchange reserves for the week ended September 30 due to a decline in foreign currency holdings (FCA). FCAs actually make up a significant portion of overall reserves. The central bank said that during the week under review, FCA decreased by $4.406 billion to $472.807 billion. Expressed in dollars, FCA includes the effect of the appreciation or depreciation of non-US currencies such as the euro, pound and yen held in foreign exchange reserves.

Decrease in gold reserves
According to the data, there was also a decrease in gold reserves during the week under review. Now its value has shrunk by $281 million to $37.605 billion. Last week also it had decreased by 300 million dollars and it went down to 37886 billion dollars.

increase in SDR
During the week under review, Special Drawing Rights (SDR) deposits with the International Monetary Fund (IMF) increased by $167 million to $17.427 billion. RBI data showed that the country’s reserves with the IMF remained unchanged at $4.826 billion in the reporting week.

Source: navbharattimes.indiatimes.com

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