How much forex reserve does the country have this week? RBI kept the report card

Ever since Prime Minister Narendra Modi, there have been many appeals to the country to save forex reserves. Since then, curiosity about the country’s forex reserves has increased among the common people. Now the people of the country want to know how much foreign wealth is kept in the country’s treasury. The special thing is that India is among the few countries in the world which have the highest forex reserves. Even after that, there is concern about forex reserves in the country because we also import a large amount, for which forex reserves are required. By the way, RBI releases data regarding forex reserves every week. Let us also tell you what kind of data has come out from RBI regarding Forex Reserves?

Country’s Forex Reserve

The Reserve Bank of India (RBI) said on Friday that during the week ending May 15, India’s foreign exchange reserves declined by $ 8.094 billion to $ 688.894 billion. During the week ending May 8, total reserves had increased by $6.295 billion to $696.988 billion. During the week ending February 27 this year, this reserve had increased to its highest ever level of $ 728.494 billion. This was followed by conflict in the Middle East, which led to a decline for several weeks, as the rupee came under pressure and the RBI had to intervene in the foreign exchange market by selling dollars. Prime Minister Narendra Modi has also made a public appeal to the countrymen several times since May 11 to save foreign currency by reducing foreign travel, limiting fuel use and not buying gold for a year.

Assets and gold reserve data

According to central bank data, for the week ended May 15, foreign currency assets (which form a main part of reserves) declined by $6.483 billion to $545.904 billion. Expressed in dollar terms, these foreign exchange assets also include the effect of fluctuations (increases or decreases) in the value of non-US currencies (such as the euro, pound and yen) held in foreign exchange reserves. RBI said that during this week the value of gold reserves also decreased by $ 1.536 billion to $ 119.317 billion. The central bank said that Special Drawing Rights (SDRs) declined by $ 49 million to $ 18.824 billion. India’s reserve position with the IMF also declined by $25 million to $4.85 billion at the end of the reported week, according to central bank data.