India forex reserves falling highest

India forex reserves falling highest

India’s foreign exchange reserves has gone down for a second straight week and reached at a near four-month low of $593.037 billion as of September 15. Reserve Bank of India’s (RBI) data showed that the fall registered a decrease of $860 million from the previous week. In the previous reporting week, the overall reserves dropped $4.99 billion to $593.90 billion.

The major reason behind the fall of foreign exchange is the deployment of the kitty against the rupee fall by the central bank. The central bank interferes in the spot and forwards markets to prevent runaway moves in the rupee.

In last some trading sessions, the RBI has sold dollars via public sector banks to prevent the rupee from dropping to a record low. At the record, India’s reserves had touched an all-time high of $645 billion.

Weekly statistical report of RBI:

As per the report published by RBI, in last week the foreign currency assets which is a major component of the reserves has decreased $511 million to $525.915 billion.

In report the data has also been expressed in dollar terms which show that the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

RBI has also stated that gold reserves also came down by $384 million to $44 billion and the Special Drawing Rights (SDRs) were up $32 million to $18.092 billion.

In foreign exchange reserves India’s Reserve Tranche position in the International Monetary Fund (IMF) are also included. And this reserve position with the IMF has also come down $4 million to $5.03 billion.

Rupee against US dollar:

In last week, the rupee has dropped marginally against the US dollar and traded in a range of 82.8225 and 83.1850.

The highest in over six months, the US dollar index reached 105.74, while the US 10-year Treasury yield rose to 4.50 per cent.

Question & Answer:

Q1. India’s foreign exchange reserves to how much billion dollar in second week of September?

Ans. $593.04 billion

Q2. Who is the Union minister of Commerce and Industry?

Ans. Piyush Goyal

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