The coronavirus scare has affected the international markets and economy badly. All the international markets-share, Forex, commodities and crude oil- are rallying downwards after the coronavirus has spread across the world.
Now India’s foreign exchange reserve has slipped down amid the novel coronavirus outbreak. This was revealed by a data released by Reserve Bank of India.
India’s foreign exchange reserves declined by $5.34 billion during the week ended 13 March. The 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.
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).
FCAs, the largest component of the Forex reserves, fell by $3.77 billion to $447.35 billion. 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.
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