The biggest weekly decline in foreign exchange

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The all-time highs pushed 12 billion out of reserves

Mumbai: For the week ended January 3, the country's forex reserves fell sharply by 2.7 billion. This is the largest decline in the week since January 5, 2071, after the week of February 5, 2021, according to RBI data. In the week of February 5, 2021, the reserves were reduced by 2.50 billion.

Overall forex reserves fell to ૭૫ 2.7 billion in the week ended January 3, with foreign currency assets declining by ૫ 2.50 billion and gold reserves by 2.8 billion. Gold reserves stood at ૩૯ 4.5 billion. Forex reserves fell to ૨ 12 billion from an all-time high of ૪૫ 4.5 billion in September last year, according to RBI data.

Foreign currency assets, which account for a significant share of the total reserves. Depreciation of global currencies other than the dollar, such as the euro, pound and yen, against the dollar also affects the FCA. Foreign currency assets (FCAs) declined by ૫ 4.50 billion to ૭ 3.08 billion during the period under review.

During the period under review, the value of gold reserves declined by ૪ 25 million to ૪૯ 2.3 billion. The International Monetary Fund's (IMF) special drawing rights review fell ડો 121 million to ૯ 16.01 billion during the week under review, and the International Monetary Fund's reserves also fell by ૨ 4.5 million to ૭ 2.18 billion.

At the end of September 2021, the Reserve Bank had a total reserve of 7.5 metric tons of gold.

Forex reserves are said to have declined due to the intervention of the Reserve Bank in the money market. The Reserve Bank intervenes as needed to keep the rupee afloat against the dollar.

The period from March to September last year saw a steady increase in forex reserves, but has since begun to decline. The rupee has come under pressure against the dollar as a result of higher crude oil prices.


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