Forex Reserve: The dollar fell to a low of 2 years, at $564.053, the foreign exchange reserves

Forex Reserve: There is a continuous decline in the foreign exchange reserves of the country and now it has come down to the low level of about 2 years ago. RBI’s weekly statistical data shows that India’s foreign exchange reserves fell by $ 6.687 billion to $564.053 billion for the week ended August 19. In the previous week, during the week ended August 12, the country’s foreign exchange reserves had declined by $ 2.238 to $ 570.74 billion.

Foreign exchange reserves are falling continuously
There was a decline in reserves every single week except for the increase in the last week of July. It has fallen in 20 of the 26 weeks since Russia invaded Ukraine in late February. Foreign currency assets fell by $ 5.779 billion to $ 501.216 billion in the reporting week.

what the experts say
Ritika Chhabra, Economist and Quant Analyst at Prabhudas Lilladher said, “India’s foreign exchange reserves declined to USD 564 billion on August 19, the lowest since October 2020. The main reason for this decline is the fall in foreign current assets, Which RBI is using to reduce the fall in the rupee in the foreign exchange market.

There is a possibility of low forex reserves going forward
Going ahead, Chhabra said that forex reserves are likely to remain under pressure in the near term as DXY has returned to its mid-July high and oil prices are expected to remain higher.

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