Forex Reserves Fall By $28.05 Billion: RBI Report
Forex reserves fall by $28.05 billion: RBI report.
The country’s foreign exchange reserves declined by $28.05 billion to $607.31 billion at the end of March this year from $635.36 billion at the end of September 2021.
This information has been received from the half-yearly report released by the Reserve Bank of India (RBI) on the management of foreign exchange reserves.
These reports are issued every six months. These are prepared with reference to the situation at the end of March and September every year.
This is the 38th report, which has been released with reference to the situation at the end of March 2022.
“During the half-yearly period under review, reserves stood at US$ 635.36 billion at the end of September 2021, which declined to US$ 607.31 billion at the end of March 2022,” the report released on Thursday said.
Forex reserves fall: RBI’s net forward assets (receivables) in the domestic foreign exchange market at the end of March 2022 were USD 65.79 billion.
The cover of foreign exchange reserves imports (based on the balance of payments basis) at the end of December 2021 decreased from 14.6 months at the end of September 2021 to 13.1 months.
The report said that as of the end of March 2022, RBI had 760.42 metric tonnes of gold (including 11.08 metric tonnes of gold deposits).
At the same time, 453.52 metric tonnes of gold have been kept safe by the Bank of England and Bank for International Settlements (BIS). 295.82 MT of gold has been kept domestically.
The share of gold in total foreign exchange reserves in terms of value (USD), which was around 5.88 percent at the end of September 2021, increased to around 7.01 percent at the end of March 2022.
As of the end of March 2022, out of total FCAs of US$540.72 billion, US$363.03 billion was invested in securities.
US$140.54 billion was deposited with other central banks and BIS, and the remaining US$37.16 billion was held abroad. deposited with commercial banks.
Dollar Vs Rupee: How falling rupee can affect our pocket, know where inflation will hit
The rupee fell by 30 paise to 77.55 against the US dollar in early trade on Thursday due to a weak trend in domestic equity markets and firming investor sentiment.
A falling rupee affects many things in the economy, such as investment, import bills, and even overseas education.
According to experts, the weakening of the rupee against the dollar makes foreign education expensive. The cost of studying abroad depends on the movement of rupees and dollars.
It is important for parents to understand this before sending their child abroad.
Especially to which country he is sending the child for studies, it is important to know about the economic relations between the two countries.
If the rupee is weak, it can be heavy for the parents of a child studying abroad to bear the expenses from their hard-earned money.
In such a situation, investing some money in that country is a better way to avoid such trouble. Investments can also be made in other markets.
