Foreign Currency Reserve : India has again suffered a setback in terms of foreign exchange reserves. Foreign exchange reserves declined by $1.09 billion to $529.99 billion for the week ended November 4, 2022. At the same time, in the previous week, there was an increase of about $ 7 billion in foreign exchange reserves. This information has come out in the data released by the Reserve Bank of India (RBI). According to the data, this time due to the decrease in the value of gold reserves, the foreign exchange reserves have come down more.
strong foreign exchange reserves in the interest of the country
The economic condition of the country which has strong foreign exchange reserves is also considered good. This happens because if there is any problem in the world, then the country can easily order the goods of its need for many months. That is why many countries of the world keep their foreign exchange reserves very strong. In addition to exports in foreign exchange reserves, foreign investment brings dollars or other foreign currency. Apart from this, the foreign exchange remitted by the people of India who work abroad is also a big source.
Know how much foreign exchange reserves had increased before
According to RBI data, during the week ended October 28, 2022, foreign exchange reserves had increased by $ 6.56 billion. This was the biggest gain in any single week during the current year. At the same time, in October 2021, India’s foreign exchange reserves were at an all-time high of $ 645 billion.
Know the latest status of foreign exchange reserves
Foreign currency assets (FCAs), considered an important component of foreign exchange reserves, declined by $120 million to $470.73 billion during the week ended November 4, according to data released by the Reserve Bank. Expressed in dollars, foreign currency assets reflect the effects of appreciation or depreciation of non-dollar currencies held in currency reserves, such as the euro, pound and Japanese yen.
Top 5 countries in the world in terms of foreign exchange
China $3.21 trillion
Japan $1.19 trillion
Switzerland $892,108 billion
Taiwan $542,790 billion
Russia $541,600 billion
India $529,994 billion
The value of gold reserve decreased significantly
According to RBI data, the value of India’s gold reserves declined by $705 million last week to $37.057 billion. According to the Reserve Bank, the Special Drawing Right (SDR) has come down to $ 17.39 billion, down by $ 235 million. At the same time, the country’s foreign exchange reserves kept with the International Monetary Fund (IMF) have also decreased by $ 27 million to the level of $ 4.82 billion.
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India forex reserves reduced due to fall in the value of gold reserves
According to the latest RBI data, India’s foreign exchange reserves decreased by more than $ 1 billion during the week ended November 4.