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India Forex Reserve Data: The Reserve Bank of India has released this data regarding foreign exchange reserves, according to which there has been a decline in the country’s foreign exchange reserves for the fourth consecutive week. In the week ending February 24, 2023, the foreign exchange reserves have come down by $ 325 million to $ 560.942 billion. In the last four weeks, foreign exchange reserves have declined by more than $ 15 billion.
According to the data released by RBI, in the week ending February 24, 2023, foreign exchange reserves have come down by $ 325 million to $ 560.94 billion. Whereas in its first week the foreign exchange reserves stood at $561.27 billion. While it was $ 566.94 billion in the week ending February 10 and $ 575.27 billion in the week ending February 3, 2023. In the last four weeks, there has been a decrease of about $ 15 billion in foreign exchange reserves. On February 10, the foreign exchange reserves had decreased by $ 8.31 billion, which was the biggest decline in 11 months.
According to RBI, foreign currency assets have decreased by $ 166 million to $ 495.906 billion in the same period. In the same period, there has been a decrease of 66 million dollars in the gold reserve. Gold reserves have come down to $41.751 billion, while SDRs have come down by $80 million to $18.187 billion. Reserves deposited with the IMF have decreased by $ 12 million and have come down to $ 5.098 billion.
In October 2021, foreign exchange reserves had reached a historic level of $ 645 billion. Since then, there has been a decline in foreign exchange reserves due to increase in interest rates due to back-breaking inflation and selling of foreign investors after Russia’s attack on Ukraine. When there was a weakness in the rupee, RBI had to sell dollars from its reserves to hold the rupee. On Friday, the rupee strengthened by 64 paise against a dollar and closed at the level of 81.96.
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