Insta
India’s Foreign Exchange Reserves Fall By $5.34 Billion To $481.89 Billion
IANS
Mar 21, 2020, 10:37 AM | Updated 10:37 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
India's foreign exchange reserves plunged by $5.34 billion during the week ended 13 March.
According to the RBI's weekly statistical supplement, the overall forex reserves, which are already at a record high, decreased to $481.89 billion from $487.23 billion reported for the week ended 6 March.
Analysts cited the RBI's intervention to curb the slide in rupee value as a major cause for depletion.
India''s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).
On a weekly basis, FCAs, the largest component of the forex reserves, fell by $3.77 billion to $447.35 billion.
Similarly, the value of the country's gold reserves declined by $1.53 billion to $29.46 billion.
The SDR value dipped by $38 million to $3.61 billion, whereas the country's reserve position with the IMF inched up by $2 million to $1.44 billion.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.