Foreign Exchange Reserves: There has been a sharp decline in foreign exchange reserves again. In the week ending September 8, 2023, there has been a decrease of 5 billion dollars in foreign exchange reserves and it has come down to 593.90 billion dollars. Whereas in the week ending September 1, the foreign exchange reserves stood at 598.897 billion dollars.
RBI has released the data of forex reserves, according to which the foreign exchange reserves have decreased by $ 4.99 billion to $ 593.90 billion after the week ending September 8, 2023. According to the data, foreign currency assets have decreased by $ 4.26 billion during this period. Gold reserves stood at $44.38 billion with a decrease of $554 million. There has been a decrease of 39 million dollars in IMF’s reserves.
There was a big fall in the rupee against the dollar in the currency market on Friday. The rupee has closed at the level of Rs 83.17 against one dollar. For the last several days, the dollar had been continuously strengthening against the rupee.
It is believed that the rupee has weakened due to selling by foreign investors and continuous strengthening of the dollar. Meanwhile, crude oil prices continue to rise in the international market and have crossed $94 per barrel. Government oil companies will have to spend more dollars to buy crude oil, in such a situation, due to increase in demand for dollars, foreign exchange reserves may decrease further.
However, the foreign exchange reserves have again fallen below the level of 600 billion dollars. In October 2021, foreign exchange reserves had reached the level of $ 645 billion. After this, after the Ukraine-Russia war, the foreign exchange reserves had come down to the level of 526 billion dollars due to the increase in the prices of crude oil in the international market and the selling by investors.
