Friday, August 19, 2022

Forex Reserve Left To Meet 10 Months Import Bill Says RBI, Forex Kitty Decline…

Forex Reserves Declines: Since the fall in the rupee against the dollar, there is a continuous decrease in the Foreign Currency Reserves of India. Since the rupee weakened against the dollar after the Russia-Ukraine war, foreign investors of the country are continuously withdrawing money and investing in less risky places. The Reserve Bank of India has tried to stop the rupee, despite this, on Tuesday, the rupee had fallen to Rs 77.77 against the dollar. RBI has said in its State of Economy report that in March 2022, $ 20 billion has been sold from its Monetary Fund to prevent further weakening of the rupee.

Also READ  Anand Mahindra Took The Photo 47 Years Ago, Now Remembered People Praised...

Foreign exchange reserves left for imports for 10 months
Due to the strengthening of the dollar for the last two weeks, the rupee has been depreciating continuously. Although RBI has tried to stop the rupee. But the RBI has said in its State of Economy report that as of May 6, India has foreign exchange reserves of $ 596 billion, from which only the estimated imports of the next 10 months can be met. For the last nine weeks, there has been a decline in foreign exchange reserves. Foreign exchange funds have decreased by $36 billion since Russia invaded Ukraine. RBI has indicated that it will continue to intervene to prevent further depreciation in the rupee.

Also READ  RBI On Backfoot RBI Issues Clarification On Privatisation Of Public...

RBI’s concern
The RBI has said in its report that the global growth outlook looks better bleak due to tensions around the world and a jump in commodity prices. Central banks around the world are raising interest rates. Emerging economy is posing a risk of capital outflow and rising commodity prices leading to inflation. At the same time, the epidemic can affect the economic prospects in the near future.

Also READ  Started In 1995 By Selling Books Online The World's Largest Company Is...

read this also

Indian Economy: S&P Global Ratings slashed India’s growth rate due to Russia-Ukraine war and inflation, GDP may remain at 7.3% in 2022-23

HDFC Home Loan: HDFC’s gift to homebuyers, now home loan will be approved on WhatsApp in 2 minutes! learn how

Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular