[ad_1]
Indian Forex Reserves: For the second consecutive week, a big decline has been recorded in India’s foreign exchange reserves. India’s forex reserves declined by $4.34 billion in the week ended May 26. According to the data released by the Reserve Bank of India, for the second consecutive week, a big decline has been registered in the Forex Reserves. After this decline, the foreign exchange reserves have reduced to $ 589.14 billion.
A big decline was also recorded in the last week
On the other hand, talking about the last week, in the week ending May 19, a big decline of $ 6.05 billion was recorded in the country’s total foreign exchange reserves and it came down to $ 593.48 billion. It is worth noting that India’s forex reserve reached its highest level in October 2021 close to $ 645 billion (Indian Forex Reserves Highest).
Why is there a decline in foreign exchange reserves
Talking about March 31, 2023, India’s foreign exchange reserves were $ 578.4 billion (Indian Forex Reserves in March). In such a situation, the question arises that why a big decline is being recorded in India’s forex reserve. In view of the global conditions, the Reserve Bank has used foreign currency to maintain the value of the rupee amidst many pressures. In such a situation, a decline has been registered in India’s foreign exchange reserves. The Reserve Bank has also informed that the country’s gold reserve has decreased by $ 225 million to reach the level of $ 44.90 billion. According to reports, in the last week, India’s reserve tranche in the International Monetary Fund has decreased by $ 170 million to $ 5.113 billion.
read this also-
[ad_2]
Source link