There was a decline for the sixth consecutive week
According to information received from the Reserve Bank of India (RBI), the country’s foreign exchange reserves decreased by $2.234 billion to $550.871 billion during the week ended September 9, 2022. Earlier on September 2, they were down to $553.105 billion. . It has been steadily decreasing since the week ending August 5 of this month. However, during the week ended July 29, its foreign exchange reserves increased by $2.4 billion to $573.875 billion. Even before that, the country’s foreign exchange reserves had shrunk for four straight weeks.
Currency holdings also fell
The main reason for the decline in foreign exchange reserves during the week ended September 9 is the occurrence of foreign currency assets. It is an important part of total foreign exchange reserves. Foreign exchange assets (FCA) fell by $2.519 billion to $489.598 billion in the week under review, according to weekly data for India released by the RBI on Friday. Foreign currency assets held in foreign exchange reserves, expressed in dollars, include the effects of the appreciation or depreciation of non-US currencies such as the euro, pound and yen.
increase in gold reserves
According to the data, gold reserves increased during the week under review. Its value increased by $340 million to $38.644 billion. It had lost $1.339 billion in the previous week.
The DTS also increased
During the week under review, special drawing rights (SDRs) with the International Monetary Fund (IMF) also increased. Meanwhile, it grew by $800 million to $4.910 billion.
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