Drop in India's Foreign Exchange Reserves to $688.26 Billion
India’s foreign exchange reserves decreased by $2.163 billion, bringing the total to $688.267 billion for the week ending October 18, as reported by the Reserve Bank of India. This decline follows a significant drop of $10.746 billion in the previous week, marking one of the largest reductions in reserves in recent times.
Current Status
Recent Trends
Components of Reserves
Other Indicators
Custodian
Components of India’s Forex Reserves
Foreign Currency Assets (FCAs)
Maintained in various currencies including,
Gold Reserves
Special Drawing Rights (SDRs)
Reserve Tranche Position (RTP)
Purpose
Summary/Static | Details |
Why in the news? | India’s foreign exchange reserves decreased by $2.163 billion, bringing the total to $688.267 billion for the week ending October 18 |
All-Time High | $704.885 billion at the end of September |
Components of Reserves | Foreign Currency Assets (FCA) – $598.236 billion (decrease of $3.865 billion) Gold Reserves – $67.444 billion (increase of $1.786 million) Special Drawing Rights (SDRs) – $18.271 billion (decrease of $68 million) Reserve Position with IMF – $4.316 billion (decrease of $16 million) |
Custodian of Forex Reserves | Reserve Bank of India (RBI) |
Purpose of Forex Reserves | – Back liabilities on issued currency – Support exchange rate and monetary policy – Prevent rapid devaluation of the rupee – Enhance international trade credibility and attract foreign investment |
Why in News? In a decisive move following the April 22 Pahalgam terror attack, the…
India has played a pivotal role in a significant scientific milestone — the completion of…
In a significant development for India's cultural heritage, the ancient group of temples and monuments…
In a world that is increasingly recognizing the power and potential of women leaders, Forbes…
In a major global step towards ecosystem restoration, the Food and Agriculture Organization (FAO) of…
NITI Aayog released a report titled Enhancing Competitiveness of MSMEs in India, in collaboration with…