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India Forex Reserves: There has been a decline in India’s foreign exchange reserves once again. According to the Reserve Bank of India, the regulator of the banking sector, for the week ending June 9, 2023, foreign exchange reserves have decreased by $ 1.31 billion to $ 593.74 billion. In its first week, the foreign exchange reserves stood at $595.06 billion.
RBI (Reserve Bank Of India) has released the figures of foreign exchange reserves, according to which there was a decrease of $ 1.31 billion in foreign exchange reserves and it has come down to $ 593.74 billion. According to RBI data, Foreign Currency Assets have come down to $ 525.07 billion with a decrease of $ 1.12 billion. Gold Reserves have also declined. Gold reserves have decreased by $ 183 million to $ 45.37 billion. The reserve with the IMF has decreased by $ 8 million and has come down to $ 5.11 billion. India’s highest level of foreign exchange so far was seen in October 2021 when foreign exchange reserves reached $ 645 billion. And from these levels there was a big drop in foreign exchange reserves.
On Friday, June 16, 2023, the rupee has strengthened against the dollar in the exchange market. The rupee improved by 25 paise to close at Rs 81.94 against a dollar. In 2022, after the weakness in the rupee against the dollar, the RBI had to sell dollars. So due to the selling of foreign investors, the foreign exchange reserves came down to $525 billion. However, there has been an improvement in foreign exchange reserves from the lower level. RBI’s decision to sell dollars was also defended by RBI. The RBI governor had said that this decision was taken due to stability in the exchange rate.
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