India’s foreign exchange reserves are continuing to decline. According to data released by the Reserve Bank of India (RBI) on Friday, the country’s total foreign exchange reserves declined by $ 10.29 billion to $ 688.06 billion in the week ending March 27. According to PTI news, last week too there was a decline of $ 11.41 billion in the reserves, after which it came down to $ 698.34 billion. It is noteworthy that in the week ending February 27, the foreign exchange reserves had reached an all-time high of $ 728.49 billion, but after that there was a continuous decline. That means the foreign exchange reserves reduced by $ 40.43 billion from the all-time high.
RBI is also taking policy steps
According to the news, in particular, the rupee remains under pressure due to the ongoing tension in West Asia. To deal with this situation, RBI is intervening in the foreign exchange market by selling dollars and is also taking some unexpected policy steps to keep the reserves stable. According to RBI data, foreign currency assets, considered the largest part of foreign exchange reserves, declined by $ 6.62 billion to $ 551.07 billion in the week ended March 27. It also includes the impact of fluctuations in non-US currencies such as the euro, pound and yen.
How much is the gold stock?
The latest RBI data shows that the value of gold reserves has also decreased by $ 3.66 billion to $ 113.52 billion. There was a slight increase in Special Drawing Rights (SDRs), which increased by $17 million to $18.64 billion. At the same time, India’s reserve position in the International Monetary Fund (IMF) decreased by $ 17 million to $ 4.81 billion. Overall, India’s foreign exchange reserves remain under constant pressure due to global conditions and market fluctuations, necessitating continuous monitoring of reserves and policy intervention.