New Delhi. Foreign exchange reserves have declined for the fifth consecutive week. The country’s foreign exchange reserves declined by $8.58 billion to $726.03 billion in the week ending October 9.
According to the Reserve Bank of India (RBI), in the previous week the foreign exchange reserves had decreased by $ 12.95 billion to $ 734.61 billion.
According to the data, foreign currency assets, a major component of foreign exchange reserves, also declined by $ 7.14 billion to $ 597.61 billion in the week ending October 9.
According to the data, the value of gold reserves also decreased by $1.32 billion to $105.09 billion. Similarly, Special Drawing Rights (SDR) declined by $109 million to $18.55 billion.
During this period, India’s reserve deposits with the International Monetary Fund (IMF) also declined by 10 million dollars to 4.78 billion dollars. In the week ending September 4, foreign exchange reserves had reached an all-time high of $ 785.71 billion.
The country’s foreign exchange had increased due to the arrival of a large amount of foreign currency under the Special Concessional Swap Scheme on the deposits of NRIs. Through this scheme, banks have raised a record amount of about 133 billion dollars.