Big decline of 6.7 billion dollars in foreign exchange reserves in a week, due to softening of gold prices

New Delhi. Foreign exchange reserves, which are considered a ‘security blanket’ for the Indian economy, have now registered a decline after last week’s historic rise. According to the latest data released by the Reserve Bank of India (RBI) on Friday, the country’s foreign exchange reserves declined by $6.711 billion to $717.064 billion in the week ending February 6.

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This fall is also significant because just last week, Foreign Exchange Reserves had taken a huge jump of $ 14.361 billion and reached its all-time high of $ 723.774 billion. This decline in the latest data is mainly due to the huge decline in the value of gold reserves, while an increase in foreign currency assets has been seen.