Increase in the value of gold reserves by $ 1.22 billion
The Reserve Bank of India on Friday released the latest figures related to foreign exchange reserves, which were not at all good from the government’s point of view. According to RBI, India’s foreign exchange reserves declined by $ 2.67 billion to US $ 682.13 billion in the week ending November 1. Let us tell you that this is the 5th consecutive week when India’s foreign exchange reserves have registered a decline. Due to this, in the week ending October 25, the country’s foreign exchange reserves had fallen by a huge $ 3.46 billion and reached $ 684.80 billion.
Forex reserves had reached an all-time high of $ 704.88 billion in September.
India’s foreign exchange reserves had reached an all-time high of $ 704.88 billion at the end of September. In the week ending September 27, the country’s foreign exchange reserves had reached a new lifetime high of $ 704.88 billion with a bumper increase of $ 12.59 billion. According to the latest data released by the RBI on Friday, foreign currency assets, which are considered an important part of the foreign exchange reserves, also declined by $ 3.90 billion to US $ 589.84 billion in the week ending November 1.
Increase in the value of gold reserves by $ 1.22 billion
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. However, in the week ending November 1, the value of India’s gold reserves increased by $ 1.22 billion to $ 69.75 billion. Special Drawing Rights (SDR) declined by $1 million to $18.21 billion. According to the data of the Reserve Bank, during this period, India’s reserves with the International Monetary Fund (IMF) decreased by 4 million dollars to 4.32 billion dollars.
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