Rupee against dollar this week (Dollar against rupees) There was an increase in The US Federal Reserve raised interest rates in line with the market, after which the dollar weakened and other currencies rose. Meanwhile, the country’s foreign exchange reserves shrank by $1.152 billion to $571.56 billion in the week ended July 22. in foreign exchange reserves in a context of constant fluctuations in the exchange rate of the rupee against the dollar (foreign exchange reserves) decreased. Reserve Bank of India (RBI)According to data from The reason for the decline in foreign exchange reserves is the decline in foreign currency holdings, which constitute a large part of total reserves.
Foreign currency assets (FCA) fell by $1.426 billion to $510.136 billion in the reporting week, according to weekly India data released by the Reserve Bank of India on Friday. Foreign currency assets held in dollar-denominated foreign exchange reserves include the effects of appreciation or depreciation of non-US currencies such as the euro, pound and yen.
Gold reserves decreased by $14.5 million
According to the data, the value of gold reserves also increased by $145 million to $38.502 billion during the week under review. During the week under review, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $10.6 crore to $17.963 billion. The country’s foreign exchange reserves kept at the IMF also increased by $2.3 million to $4.96 billion.
The rupiah hit a three-week high
For the first time in nine months, the rupee rose 45 paise in one day on the interbank foreign exchange market on Friday to settle at a three-week high of 79.24 to the dollar. The Rupee strengthened due to a strong rally in the domestic stock market and the weakening of the Dollar in the global market. The rupee gained 45 paise, the biggest one-day gain since October 20, 2021.
Crude Oil closed at $110
The dollar index, which measures the strength of the dollar against six major world currencies, closed at 105.707. The index fell for the second consecutive week. The price of crude oil on the international market closed at the level of 110 dollars per barrel this week. The WTI Crude Oil price closed at the $98.62 level. According to stock market statistics, foreign institutional investors were net buyers in the capital market. He bought shares worth Rs 1046 crore on Friday.