Foreign Exchange Reserves: The country's foreign exchange reserves declined by $ 90.8 million to $ 640.1 billion in the week ended October 22. The Reserve Bank of India (RBI) has given this information in its latest data on Friday. Due to this, forex reserves increased by $ 1.492 billion to $ 641.008 billion in the week ended October 15. At the same time, earlier in the week ended September 3, 2021, the foreign exchange reserves had reached an all-time high of $ 642.453 billion.
RBI released data
According to the weekly data released by the RBI on Friday, this decline in foreign exchange reserves for the week ended October 22 was mainly due to the depletion of foreign currency assets (FCA) and gold reserves, which constitute a significant part of the total reserves.
The fall in FCA
The Reserve Bank said that India's foreign currency assets (FCA) declined by $ 853 million to $ 577.098 billion in the week under review. Foreign currency assets, denominated in dollars, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound, and yen held in foreign exchange reserves. Gold reserves declined by $138 million to $38.441 billion in the week under review.
Increase in SDR
According to the Reserve Bank data, the country's special drawing rights (SDR) with the International Monetary Fund increased by $ 74 million to $ 19.321 billion. The country's foreign exchange reserves in the IMF increased by $ 10 million to $ 5.240 billion.
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There has been a big sell-off in the market due to foreign institutional investors (FPIs), due to which the investors have lost about Rs 6.15 lakh crore. Let us tell you that due to the fall of only 3 days, the investors have suffered heavy losses.
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