Your foreign exchange reserves have decreased for the second consecutive week, know how much you have left

BombayThere was again a decrease in the country’s foreign currency holdings. This is the second week in a row that it has fallen. Its effect is visible on the country’s foreign exchange reserves. This is why during the week ending August 12, 2022, there was a huge decrease of $2.23 billion in India’s foreign exchange reserves. Previously, during the week ended August 5, 2022, there was a decrease in foreign exchange reserves of $897 million. However, there was an increase in foreign exchange reserves the previous week.

Then there was a decline for the second week in a row
According to information received from the Reserve Bank of India (RBI), the country’s foreign exchange reserves declined by $2.23 billion to $570.74 billion during the week ended August 12, 2022. Earlier on August 5, they had fallen by 897 million dollars. at $572.978 billion. 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
The main reason for the decline in foreign exchange reserves during the week ended August 12 is the occurrence of foreign currency assets. It is an important part of total foreign exchange reserves. Foreign currency holdings (FCA) fell by $2.65 billion to $506.99 billion in the week under review, according to the RBI’s weekly data for India released 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, the value of gold reserves increased by $305 million to $40.61 billion during the week under review.

The DTS also increased
During the week under review, Special Drawing Rights (SDR) deposits with the International Monetary Fund (IMF) increased by $10.2 million to $18.13 billion. While the country’s foreign exchange reserves kept at the IMF increased by $7 million to more than $4.99 billion.

Source: navbharattimes.indiatimes.com

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