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Forex Reserves Decline By $ 2.59 Billion


India’s forex reserves declined by $ 2.597 billion in the week ended March 18th

Mumbai (Maharashtra):

India’s foreign exchange (forex) reserves declined by $ 2.59 billion in the week ended March 18, recording a sharp fall for the second week in a row as the Reserve Bank of India (RBI) sold many dollars to avoid a fall in the value of the rupee.

According to additional RBI weekly statistics, the nation’s forex reserves declined by $ 2.597 billion to $ 619.678 billion in the week ended March 18th. The value of gold reserves as well as foreign currency assets declined sharply.

This is the second consecutive week of a sharp decline in the country’s forex reserves.

For the week ended March 11, India’s forex reserves had declined by $ 9.646 billion, the most significant decline in nearly two years. The sharp decline in the country’s forex reserves coincided with the week when the rupee hit an all -time low. The Indian rupee plunged to a low of 77.02 against the US dollar on March 7.

Foreign currency assets, which are the largest component of foreign exchange reserves, fell by $ 703 million to $ 553.656 billion in the week ended March 18. Foreign currency assets declined by $ 11.108 billion in the previous week.

Expressed in US dollar terms, foreign currency assets include the effects of appreciation or depreciation of non -dollar currencies such as the Euro, UK Pound Sterling and Japanese Yen held in foreign exchange reserves.

The value of gold reserves declined by $ 1.831 billion to $ 42.011 billion during the week under review. The value of gold reserves increased by $ 1.522 billion in the week ended March 11 following a sharp rise in gold prices in the international market.

The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by $ 62 million to $ 18.865 billion. However, India’s reserve position in the IMF remained unchanged at $ 5.146 billion in the week ended March 18, RBI data showed.

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