Economy News

India’s foreign exchange reserves fall another $4.9 billion – Mintpaisa

India’s foreign exchange reserves fell another $4.9 billion in the week to September 30 as the Reserve Bank of India eventually sold dollars to stabilize the exchange rate movement in the local market. . The fall is partly due to the depreciation of RBI’s holdings in other major global currencies.

Foreign exchange reserves stood at $532.664 billion at the end of the reporting week, according to RBI data.

This means reserves have been depleted by an unprecedented $110 billion, down from $642.453 billion on September 3 last year.

The central bank does not provide the reasons for the movement of foreign exchange reserves. However, Governor Shaktikanta Das said last week that 57% of the decline in reserves was due to valuation changes.

Global currencies such as the euro, pound and yen have depreciated against the dollar by 13.2%, 18.2% and 18.2% in this fiscal year so far, Acuite Ratings said. in a report.

Of the current reserves, foreign currency holdings amounted to $472.807 billion. Reserves held in gold are valued at $37.605 billion. The balance is kept with the International Monetary Fund in the form of special drawing rights and reserves.

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