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In the week ended September 2, India’s foreign exchange reserves decreased by $ 7.941 billion on a weekly basis. In the month of August, there has been a big decrease in foreign exchange reserves. To deal with the weakness of the rupee against the dollar, RBI has sold a large amount of dollars, due to which this decrease has been registered in the foreign exchange reserves of the country.

India’s foreign exchange reserves hit a 23-month low during the week ended September 2. All components of the forex reserves showed a decline during the week. The biggest decrease was seen in foreign currency assets. According to the latest data released by the RBI, the country’s foreign exchange reserves stood at $ 553.105 billion in the week ended September 2. It decreased by $ 7.941 billion compared to the previous week. Earlier, during the week ended August 26, India’s foreign exchange reserves stood at $ 561.046 billion.

Let us inform that in the week ending September 2, 2022, the foreign exchange reserves in the country were at the lowest level since October 09, 2020. During this week, FCA (Foreign Currency Assets) declined by $6.527 billion and stood at $492.117 billion. Significantly, the largest component of foreign exchange reserves is the FCA itself. Earlier, during the week ended August 26, FCA was $498.645 billion.

In the week ended September 2, the country’s gold reserves fell by $ 1.339 billion and stood at $38.303 billion. On the other hand, SDR declined by $5 billion on a weekly basis to $17.782 billion. During this period, the country’s reserve position in the IMF fell by $ 24 million to $ 4902 billion.

Let us tell you that on September 6, an agency named Jefferies had said in a note issued on its behalf that India needs to keep an eye on its foreign exchange reserves. It has also been said in this note that India’s trade deficit has reached its record level in the past. Similarly, the current account deficit (CAD) is also at 3.5 per cent in the financial year 2022-23, which is moving towards a decade high.

Expansion

In the week ended September 2, India’s foreign exchange reserves decreased by $ 7.941 billion on a weekly basis. In the month of August, there has been a big decrease in foreign exchange reserves. To deal with the weakness of the rupee against the dollar, RBI has sold a large amount of dollars, due to which this decrease has been registered in the country’s foreign exchange reserves.

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