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Former RBI Governor Raghuram Rajan claimed that the Reserve Bank of India (RBI) has done an excellent job boosting the country’s foreign exchange reserves, and it will not experience economic issues like Sri Lanka or Pakistan.
This week, India’s foreign currency (forex) reserves totaled $571.56 billion, according to the latest figures from the Reserve Bank of India (RBI). The foreign exchange reserves decreased by $1.152 billion in the week ending July 22.
The Reserve Bank of India’s weekly statistics supplement shows that the loss in foreign currency assets was the sole reason for the decline in forex reserves during the week ending July 22. The week saw gains in all other parts of the FX reserves.
The week ending July 22 saw a $1.426 billion drop in India’s foreign currency holdings, the largest component of the forex reserves. In the week that ended on July 15th, foreign currency assets fell by $6.527 billion, after falling by $6.656 billion the week before.
Non-dollar currencies like the Euro, British Pound Sterling, and Japanese Yen are included in the foreign currency assets when expressed in US dollar terms.
Other parts of the currency reserves saw a growth. It’s worth $38.502 billion now, up from $38.502 billion in the week that ended on July 22nd. (RBI) data 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 in the International Monetary Fund (IMF) rose by $23 million to $4.96 billion during the week ended July 22, as per the RBI Weekly Statistical Supplement.
On inflation, Rajan said the hike in policy rates by the Reserve Bank of India would help in reducing the inflationary pressure.
All around the world, inflation is currently a problem. In order to reduce inflation, the Reserve Bank of India (RBI) has decided to raise interest rates. Food and fuel prices have risen the most recently. As we can see, food prices are falling over the world, and this trend is expected to continue in India, he said.
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