HomeLifestyleForex Reserves: Before Diwali, the foreign exchange reserves took a dive, know...

Forex Reserves: Before Diwali, the foreign exchange reserves took a dive, know how much is the gold reserve

Highlights

Foreign exchange reserves declined by $4.50 billion to $528.37 billion.
The value of gold reserves declined by $1.502 billion to $37.453 billion.
FCA declined by $2.828 billion to $468.668 billion.

Mumbai. Before Diwali, there has been a decline in the foreign exchange reserves of the country. For the week ending October 14, 2022, it declined by $4.50 billion to $528.37 billion. This information has been given in the data released by the Reserve Bank of India (RBI) on Friday.

In its last week, foreign exchange reserves had increased by $ 204 million to $ 532.868 billion. Foreign exchange reserves had increased in a week for the first time since August this year. A year ago, in October 2021, the country’s foreign exchange reserves had reached an all-time high of $ 645 billion.

The country’s foreign exchange reserves have been decreasing continuously for the last several weeks. In fact, in the rapidly changing global scenario, RBI has used a part of this foreign exchange reserves to handle the rapidly falling rupee against the dollar.

Also read- Economist who predicted 2008 economic crisis now fears ‘long and very bad’ recession

FCA down by $2.828 billion
According to the weekly data released by the RBI on Friday, the foreign currency asset (FCA) declined by $ 2.828 billion to $ 468.668 billion in the week ended October 14. FCAs actually form a major part of the overall reserves. Denominated in dollars, FCAs also include the effect of increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves.

Gold reserve also decreased
The value of gold reserves had increased by $1.35 billion during the week ended October 7, while it declined by $ 1.502 billion to $37.453 billion in the week ended October 14. RBI said that the Special Drawing Right (SDR) has come down by $149 million to $17.433 billion. At the same time, the country’s reserve position with the IMF decreased by $ 23 million to $ 4.813 billion in the reporting week.

Tags: gold, RBI, Reserve Bank of India

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