India The surge in India’s foreign exchange reserves that had been continuing for the past several weeks has finally come to a halt. In the week ending October 4, India’s foreign exchange reserves declined by a huge $3.71 billion to reach $701.18 billion. The Reserve Bank of India (RBI) shared this important information related to currency reserves on Friday. Last week (September 27), the country’s foreign exchange reserves had reached an all-time high of $ 704.88 billion with a record increase of $ 12.58 billion.
The increase was continuing for the last several weeks
Last week (week ending September 20), the country’s foreign exchange reserves had increased by $ 2.84 billion to reach $ 692.29 billion. The country’s foreign exchange reserves increased by $223 million to reach a new all-time high of $689.46 billion in the week ending September 13. Earlier, in the week ending September 6, India’s foreign exchange reserves had increased by $ 5.25 billion and reached a new record level of $ 689.23 billion.
A decline was also recorded in foreign currency assets
According to the data released by the Reserve Bank of India on Friday, October 11, foreign currency assets, considered an important part of the currency reserves, declined by $ 3.51 billion to $ 612.64 billion in the week ending October 4. Foreign currency assets denominated in dollar terms include the impact of movements in non-US currencies such as the euro, pound and yen held in foreign exchange reserves.
Gold reserves and reserves with IMF also decreased
Apart from the foreign exchange reserves, the value of the country’s gold reserves also fell by a huge $40 million to $65.75 billion in the week ending October 4. During this period, Drawing Rights (SDR) declined by $123 million to $18.42 billion. According to Reserve Bank data, during this period, India’s reserves with the International Monetary Fund (IMF) decreased by $ 35 million to $ 4.35 billion.
