As per a recent report from the RBI, India’s foreign exchange reserves have gone down $4.056 billion to $312.707 billion. The report said that India’s foreign exchange reserves raised $266 million to $316.763 billion. Reports said that the reserves had declined due to a fall of $3969 billion in the country’s foreign currency assets to $276.934 billion.
Reports also mentioned that the foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, sterling and yen held in reserves.
Reports also said that Gold was unchanged at $28.319 billion. SDRs declined by $52 million to $4.497 billion. India’s reserve position in the IMF has declined by $35 million to $2.957 billion.
The RBI is the central banking institution of India and it controls the monetary policy of the rupee. The regulator has recently hiked key interest rates by 25 basis points, which is its 12th such hike since March, 2010. The hike has made car loan, home loans, persona loans and other loans more expensive.