India’s Foreign Exchange Reserves Fall By $5.34 Billion To $481.89 Billion


Mar 21, 2020, 10:37 AM | Updated 10:37 AM IST

The Reserve Bank of India (Credits: Times of India)
The Reserve Bank of India (Credits: Times of India)

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.)

Get Swarajya in your inbox.