Shock: Foreign exchange reserves are not recovering, then there was a big fall: The country’s foreign exchange reserves have depleted again. Foreign exchange reserves have been declining continuously for the past several weeks. It is considered good to have more currency reserves with any country, but the speed with which India’s foreign exchange reserves are depleting is increasing concern.
Strong foreign exchange reserves in the interest of the country
The economic condition of the country which has strong foreign exchange reserves is also considered good. This happens because if there is any problem in the world, then the country can easily order the goods of its need for many months. That is why many countries of the world keep their foreign exchange reserves very strong. In addition to exports in foreign exchange reserves, foreign investment brings dollars or other foreign currency. Apart from this, the foreign exchange remitted by the people of India who work abroad is also a big source.
Let us know how much of India’s foreign exchange reserves decreased
India’s foreign exchange reserves declined by $ 3.007 billion to $ 561.046 billion in the week ended August 26, 2022. According to the Reserve Bank of India (RBI) data, during the week ended August 19 also, the foreign exchange reserves had come down by $ 6.687 billion to the level of $ 564.053 billion. Forex reserves have come down to their 2-year low.
Know where the fall was recorded
Foreign currency assets (FCAs) constitute a significant part of the foreign exchange reserves. This time it has dropped more. Foreign currency assets declined by $2.571 billion to $498.645 billion in the reporting week. According to the data, the gold reserve has also come down by $ 271 million to the level of $ 39.643 billion.
Top 5 countries in the world in terms of forex
- China’s $3.32 trillion
- Japan’s $1.31 trillion
- Switzerland $964,084 billion
- Russia 566,000 billion dollars
- India $561,046 billion