rbi: RBI has done a good job increasing foreign exchange reserves: Raghuram Rajan
This week, India’s foreign exchange (forex) reserves totaled $571.56 billion, according to the latest figures from the Reserve Bank of India (RBI). Foreign exchange reserves fell by $1.152 billion in the week ending July 22.
The Reserve Bank of India’s weekly statistical supplement shows that the loss of foreign currency assets was the sole reason for the decline in foreign exchange reserves in the week ending July 22. The week saw gains in all other parts of foreign exchange reserves.
The week ending July 22 saw a $1.426 billion decline in India’s foreign currency holdings, the largest component of foreign exchange reserves. In the week ending July 15, foreign currency holdings fell $6.527 billion, after falling $6.656 billion the previous week.
Non-dollar currencies such as the euro, British pound and Japanese yen are included in foreign currency assets when expressed in US dollars.
Other parts of foreign exchange reserves have grown. He is now worth $38.502 billion, down from $38.502 billion the week ending July 22. (RBI) revealed a $106 million increase in the value of Indian SDRs held by the International Monetary Fund (IMF) during the week.
India’s reserve position at the International Monetary Fund (IMF) increased by $23 million to $4.96 billion in the week ended July 22, according to the RBI Weekly Statistical Supplement.
On inflation, Rajan said the hike in policy rates by the Reserve
would help reduce inflationary pressure.
Around the world, inflation is currently a problem. In order to reduce inflation, the Reserve Bank of India (RBI) decided to raise interest rates. Food and fuel prices have increased most recently. As we can see food prices are falling globally and this trend is expected to continue in India, he said.