DelhiDesk India’s foreign exchange reserves have decreased by $6.052 billion to $593.47 billion during the week ending May 19, 2023, according to the Reserve Bank of India (RBI). Foreign currency assets, a key part of the currency reserves, declined by $4.654 billion to $524.945 billion in the same week. In October 2021, India’s foreign exchange reserves reached a record high of $645 billion. The value of gold reserves decreased by $1.227 billion to $45.127 billion in the reporting week, while the Special Drawing Rights (SDRs) declined by $137 million to $18.27 billion.
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– India’s foreign exchange reserves declined by $6.052 billion to $593.47 billion during the week ending May 19, 2023.
– The economic condition of a country with strong foreign exchange reserves is considered good as it can easily buy goods it needs for months.
– India’s foreign exchange reserves had increased in the first two weeks but declined this time.
– China, Japan, Switzerland, India, and Russia are the top 5 countries in terms of foreign exchange reserves.
– Foreign currency assets, a key part of the currency reserves, declined by $4.654 billion to $524.945 billion in the week ended May 19.
– The value of gold reserves decreased by $1.227 billion to $45.127 billion in the reporting week.
– Special Drawing Rights (SDRs) declined by $137 million to $18.27 billion, and reserves with the International Monetary Fund (IMF) declined by $35 million to $5.13 billion in the week under review.
– In October 2021, India’s foreign exchange reserves had reached a record high of $645 billion.
– The story was published on May 28, 2023.
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