Foreign exchange reserves: According to data released by the Reserve Bank of India (RBI) on Friday, foreign exchange reserves declined by $ 1.31 billion to $ 656.58 billion during the week ended November 22.
This was a record decline of $17.761 billion in the previous week, taking reserves to $657.89 billion. Let us tell you here that after reaching the highest level of $ 704.885 billion at the end of September, the reserves are continuously decreasing.
Foreign exchange assets, which form the largest share of foreign exchange, declined by $3.043 billion during the week to $566.791 billion.
However, gold reserves have increased by $ 1.828 billion to $ 67.573 billion. Special drawing rights (SDRs) declined by $79 million to $17.985 billion, while India’s reserves with the IMF fell by $15 million to $4.232 billion.
Let us tell you here that India’s reserves are equal to 10 months’ import bill of the country. This has increased the industry’s confidence in India. At present India ranks fourth in the world in terms of foreign exchange.
