Foreign Exchange Reserve Reduced For The Sixth Consecutive Week: $ 80 Billion Dropped So Far This Year

According to the Reserve Bank of India (RBI) data, India's foreign exchange reserve has declined by 17.79 thousand crores ($ 2.234 billion) to 43.87 lakh crores ($ 550.87 billion) for the week ended 9 September.
Foreign Exchange Reserve Reduced For The Sixth Consecutive Week: $ 80 Billion Dropped So Far This Year
The country's foreign exchange reserves have again declined.

The country's foreign exchange reserves have again declined. According to the Reserve Bank of India (RBI) data, India's foreign exchange reserve has declined by 17.79 thousand crores ($ 2.234 billion) to 43.87 lakh crores ($ 550.87 billion) for the week ended 9 September. This is the lowest level in 2 years. This is the sixth consecutive weekly fall in the country's foreign exchange reserves.

During the week ending September 2, there was a decline of $ 7.941 billion (Rs 63.25 thousand crores) in the foreign exchange reserve. India's forex reserves have fallen by nearly $80 billion (Rs 6.37 lakh crore) since Russia-Ukraine tensions turned into a war earlier this year.

Foreign currency assets fall by $2.51 billion

Foreign currency assets are the largest component of foreign exchange reserves, according to the Reserve Bank of India's Weekly Statistical Supplement. It has fallen by $ 2.51 billion (Rs 19.99 thousand crores) to $ 489.59 billion (Rs 38.99 lakh crore) during the week ended September 9. At the same time, there was a decline of $ 6.52 billion (Rs 51.98 thousand crores) in foreign currency assets last week.

The value of the foreign exchange held by any country keeps on increasing or decreasing against the US dollar. Accordingly, the increase or decrease in the foreign exchange reserves of a country is measured. For example, if a country has Euro, Pound, or Yen currency, then the foreign exchange reserves will increase when their value against the dollar increases. Similarly, the weakening of these currencies against the dollar will reduce the foreign exchange reserves.

Gold reserve value increased by $340 million

The value of gold reserves has increased by $ 340 million (Rs 2.70 thousand crores) to $ 38.64 billion (Rs 3.07 lakh crore) during the week ending September 9. At the same time, there was a decline of $ 1.339 billion (Rs 10.66 thousand crores) in the gold reserve last week.

The value of India's SDRs reduced by $ 63 million

According to RBI data, the value of India's Special Drawing Rights (SDRs) with the International Monetary Fund declined by $63 million (Rs 501 crore) to $17.719 billion (Rs 1.41 lakh crore) during the week under review.

India's reserve position in IMF increased to $ 4.91 billion

According to the RBI's Weekly Statistical Supplement, India's reserve position in the International Monetary Fund (IMF) has increased by $ 8 million (Rs 63 crore) to $ 4.91 billion (Rs 39.10 thousand crores) during the week ended September 9.

Foreign Exchange Reserve Reduced For The Sixth Consecutive Week: $ 80 Billion Dropped So Far This Year
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