India’s foreign exchange reserves have suffered due to the fall in gold. In the week ended June 18, the country’s foreign exchange reserves fell from the highest level to $ 603.933 billion.
fall in forex reserves
The loss caused to the Indian economy due to the Corona period is yet to be compensated that India has suffered another setback on the foreign exchange reserves front. In fact, due to the fall in gold, India’s foreign exchange reserves fell by $ 4.148 billion to $ 603.933 billion in the week ended June 18. This was revealed by the latest RBI data. Foreign exchange assets (FCA), a major component of the overall reserves, declined to $561.540 billion from $1.918 billion for the reporting week, according to the report.
The reason for the decline includes the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves in foreign currency assets. The data showed that gold reserves declined by $2.170 billion to $35.931 billion, after an increase of $490 million in the previous week.
The Special Drawing Rights (SDR) with the International Monetary Fund (IMF) declined by $14 million to $1.499 billion. At the same time, the country’s reserve position with the IMF has also declined by $ 46 million to $ 4965 billion in the week under review.
had crossed the $600 billion mark
Earlier, in the week ending June 4, 2021, there was an increase in the foreign exchange reserves of the country. Despite Corona, the trust of foreign investors was intact in the Indian economy. This was the reason that India’s foreign exchange reserves crossed $ 600 billion for the first time. There was an increase of $ 6.842 billion in this. According to the weekly data released by the Reserve Bank of India, the foreign exchange reserves reached a record high of $ 605.008 billion in the reporting week.
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If there is an account in these banks, then PF money may get stuck, update like this
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