India Forex Reserves: There has been a big decline in India’s foreign exchange reserves. According to the data released by the Reserve Bank of India, the regulator of the banking sector, there has been a decline of $ 6 billion in the week ending May 19, 2023. Foreign exchange reserves have come down to $ 593.47 billion with a decline of $ 6.052 billion.
Giving information about the data of foreign exchange reserves, RBI (Reserve Bank of India) said that the foreign exchange reserves came down to $ 593.47 billion in a week, which was $ 599.53 billion on May 12, 2023. According to the data released by RBI, Foreign Currency Assets have declined by $ 4.6 billion and have come down to $ 524.95 billion. Gold Reserves have also declined. The gold reserve has come down by $1.22 billion to $45.12 billion. Reserves in the IMF decreased by $35 million and stood at $51.30 billion. Let us tell you that in October 2021, the country’s foreign exchange reserves had reached the highest level of US $ 645 billion.
After October 2021 till October 2022, there was a continuous decline in foreign exchange reserves. During this, there was a huge weakness in the rupee against the dollar, due to which the RBI had to sell dollars from its funds to strengthen the rupee. Then the foreign exchange reserves had come down to the level of 525 billion dollars. Recently, the RBI governor has also defended his decision. He said that it is the duty of RBI to ensure stability in the exchange rate.
The RBI governor said that due to the Russia-Ukraine war, the withdrawal of foreign investment was being seen. In such a situation, in order to give confidence to domestic and foreign investors, the RBI had to intervene to stop the fluctuations in the exchange rate. On Friday, May 19, the rupee declined by 17 paise to close at Rs 82.57 against the dollar.
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