Foreign exchange reserves declined by $ 2.16 billion to $ 584.25 billion

India Forex Reserve News: There has been a decline in India’s foreign exchange reserves. In the week ending April 21, 2023, foreign exchange reserves have come down from a nine-month high. According to the data done by RBI (Reserve Bank of India), the foreign exchange reserves have declined by $ 2.16 billion during this period and it has come down to $ 584.25 billion. In the previous two weeks, there was an increase of $ 8 billion in foreign exchange reserves.

According to the Reserve Bank of India, two weeks ago, foreign exchange reserves had reached the highest level of nine months at $ 586.4 billion. But from there the fund has declined and it has come down to $584.25 billion. According to RBI data, foreign currency assets have declined by $ 2.14 billion and have increased to $ 514.48 billion. India’s gold reserve has declined by $2.4 million and has come down to $46.15 billion.

At the beginning of the year 2022, India’s foreign exchange reserves would have been 633 billion dollars, then in October 2021, the country’s foreign exchange reserves had reached the highest level of 645 billion US dollars. But after that, due to the withdrawal of investment by foreign investors, the foreign exchange reserves kept decreasing, for which the global tension arising out of Russia and Ukraine war is also responsible. There was also a sharp jump in the prices of crude oil, due to which the import became expensive. There was a big weakness in the rupee against the dollar. The rupee weakened by 10 percent against a dollar, after which the RBI had to sell dollars to stop the fall in the rupee, so that the rupee could be saved from falling.

On April 28, the rupee has closed at the level of Rs 81.83 against one dollar. A week ago, the rupee was at the level of 82.10.

read this also

Raymond: Raymond will complete 100 years in 2025, let’s take a look at the company’s journey of 98 years