Although gold reserves increased, foreign exchange declined again

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MUMBAI: India's foreign exchange reserves have declined once again. For the week ended February 11, 2009, reserves fell by ૭૬ 1.6 billion to. 20.12 billion.

However, the value of gold reserves has increased during this period and it has increased by ૫૨ 25 million to ૨૩૫ 20.8 billion.

According to the weekly data released by the Reserve Bank of India, foreign exchange reserves rose by ૯ 2.18 billion to ૬૩ 21.7 billion in the week ended February 8, 2008. Significantly, on September 6, 2021, the foreign exchange reserves reached a record high of 2.7 billion.

The main reason for the decline in foreign exchange reserves last week was mainly the decline in foreign currency assets (FCAs), which account for a significant portion of total currency reserves. According to the Reserve Bank, India's FCA fell by ૭૬૪ 4.5 billion to ૫૬ 4.5 billion in the reporting week.

Foreign currency assets, which account for a significant share of total foreign exchange. Depreciation of global currencies other than the dollar, such as the euro, pound and yen, against the dollar also affects the FCA.

During the week under review, the International Monetary Fund's special drawing rights increased by ૫ 25 million to ૯ 17.12 billion, and the reserves with the International Monetary Fund fell by ૬ 15 million to ૨ 2.412 billion.

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