New Delhi, July 30: There is shocking news on the economic front. The country’s foreign exchange reserves fell for the fourth consecutive week.
The country’s foreign exchange reserves declined by $1.152 billion to $571.56 billion in the week ended July 22.
During this period, the value of gold reserves increased by 145 million to $38.502 billion. The Reserve Bank of India (RBI) gave this information in the data released.
According to the RBI, foreign exchange reserves declined by $1.1 billion to $571.56 billion for the week ended July 22, as against $7.541 billion to $572.712 billion in the previous week ended July 15.
At the same time, for the week ended July 8, foreign exchange reserves fell by $8.062 billion to $580.252 billion, while on July 1, forex reserves were down by $5.08 billion to $580.314 billion.
According to the RBI, there has been a decline in foreign exchange reserves due to continuous fluctuations in the exchange rate of the rupee against the dollar. Foreign currency assets (FCAs) declined by $1.426 billion to $510.136 billion in the reporting week. During this period, the value of gold reserves also increased by 145 million to $38.502 billion. Besides, special drawing rights (SDRs) with the International Monetary Fund (IMF) also rose by $106 million to $17963 billion. The country’s currency reserves kept with the IMF also increased by $23 million to $4.9 billion.
