Wang Ye said financial news: India may also be quietly moving!
According to the latest weekly data released by the Bank of India (RBI), India's foreign exchange reserves fell by $2 billion in the week ended March 25, and eventually fell to $617.648 billion.
Specifically, over the past week, RBI has reduced its assets by US$3.2 billion and eventually held US$55.454 billion; conversely, India's gold reserves increased by US$1.2 billion to US$43.241 billion.
It is worth mentioning that this is the third consecutive week of decline in the reserves of the RBI, and the cumulative reduction of nearly $15 billion for three consecutive weeks.
In this regard, the RBI did not directly explain the reasons for the change in foreign exchange reserves.
However, the Economic Times of India quoted experts tracking the foreign exchange market as pointing out that the reason for the continuous decline in India's foreign exchange reserves is the intervention of the Indian Central Bank to sell the US dollar, aimed at alleviating the adverse impact of the US dollar outflow on the Indian rupee.
As above, India is also "quietly" moving, selling dollar assets and increasing gold reserves.
And just at the end of last month, after western countries froze Russia's $300 billion in foreign exchange reserves, Shaktikanta Das, then governor of India's central bank, said that the United States froze Russia's foreign reserves, which sounded a wake-up call for every country!
Darth acknowledges that such actions by the United States could prompt each country to re-examine the composition of its foreign exchange reserves.
Finally, Darth also said that the RBI has "well dispersed" its foreign exchange reserves, existing in different currencies and gold forms.
"We have gold reserves, partly in India and partly scattered abroad," Darth said. So it's very diverse. ...... Six months ago, we decided to diversify our foreign exchange reserves and add other currencies. ”
What do you think about that? Why do you think the RBI has reduced its dollars and increased its gold reserves? What are the considerations behind this?
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