New Delhi, 29 November (HS). There is shocking news on the economic front. Foreign exchange reserves have declined for the eighth consecutive week. The country’s foreign exchange reserves declined by $1.31 billion to $656.58 billion in the week ending November 22. Earlier, in the week ending November 15, the foreign exchange reserves stood at $ 657.89 billion, a record decline of $ 17.76 billion.
The Reserve Bank of India (RBI) said in the data released on Friday that the country’s foreign exchange reserves declined by $ 1.31 billion to $ 656.58 billion in the week ending November 22. During this period, foreign currency assets, considered an important component of foreign exchange reserves, declined by $ 3.04 billion to $ 566.79 billion. However, this week the reserve value of gold reserves increased by $ 1.83 billion to reach $ 67.57 billion.
According to the data, in the week ending November 22, Special Drawing Rights (SDR) declined by $ 79 million to $ 17.98 billion. According to the data released by RBI, India’s reserves with the International Monetary Fund (IMF) also decreased by $ 15 million to $ 4.23 billion.
It is noteworthy that at the end of September, the country’s foreign exchange reserves had reached an all-time high of $ 704.88 billion.
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