Foreign exchange reserves had increased by $ 8.895 billion to a record level of $ 642.453 billion in the week ended September 3.
India’s Forex Reserves: The country’s foreign exchange reserves fell by $ 1.34 billion to $ 641.113 billion in the week ended September 10 after reaching a new record level last week. The Reserve Bank of India (RBI) has given this information in its latest data on Friday. Foreign exchange reserves had increased by $ 8.895 billion to a record level of $ 642.453 billion in the week ended September 3.Also Read – Indian economy back on track, 20.1 percent jump in GDP
The weekly data released by the RBI on Friday showed that this shortfall in forex reserves for the week ended September 10 was mainly due to depletion of foreign currency assets (FCAs), which constitute a significant part of the total reserves. Also Read – Indeed Job Hiring Report: Employee hiring and economic activities are improving in India
The Reserve Bank said that India’s foreign currency assets (FCA) declined by $ 934 million to $ 578.879 billion in the week under review. Foreign currency assets, denominated in dollars, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves. Also Read – Niti Aayoag: NITI Aayog issues guide for setting up EV charging points
Apart from this, gold reserves also declined by $ 413 million to $ 37.669 billion in the reporting week. The country’s special drawing rights (SDR) in the IMF increased by $ one million to $ 19.438 billion and the country’s foreign exchange reserves with the IMF increased by $ 5 million to $ 5.127 billion.