Home Business News India’s foreign currency has dropped from USD 1.14 bln to $ 640.8...

India’s foreign currency has dropped from USD 1.14 bln to $ 640.8 bln



India’s foreign exchange reserves have dropped by $ 1.14 billion

New Delhi. Foreign exchange spending fell by $ 1.14 billion to $ 640.87 billion last week on November 5. The Reserve Bank of India (RBI) released this in its most recent data on Friday. As a result, foreign reserves rose by $ 1.91 billion to $ 642.01 billion last week. The Reserve Bank reported that foreign exchange reserves (FCAs), which are the largest share of all reserves, have fallen by $ 881 million to $ 577.58 billion a week.

Foreign currency, denominated in dollars, also includes the effect of an increase or decrease in the value of other foreign currencies such as the euro, pounds and yen. The value of gold reserves has dropped by $ 234 million to $ 38.77 billion this week. According to Reserve Bank data, private equity grants (SDR) by the International Monetary Fund have dropped by $ 17 million to $ 19.28 billion. Expenditure on foreign exchange by the IMF dropped by $ 14 million to $ 5.22 billion. India is the fourth largest country in the world due to the growth of foreign exchange. Top 3 countries, China, Japan and Switzerland have foreign exchange earnings of more than $ 1000 billion.

Foreign exchange is the most important factor in any economic situation, leading institutions around the world agree that the government’s decline is due to Kovid, but there are no economic concerns due to the large foreign exchange rate. At present, the cost of buying foreign currency in India is enough to import abroad for a year and a half. In September, India’s foreign reserves exceeded $ 642.45 billion, which is the history of foreign exchange reserves. In 2004, foreign direct investment in India exceeded $ 100 billion, while in the first week of June 2020, foreign investment exceeded $ 500 billion. Foreign exchange reserves have remained above the $ 500 billion level since June.

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