Mumbai: The foreign exchange reserves of the country slipped down by $ 2.597 billion to $ 619.678 billion for the week ended March 18. This is for the the second week in a row that the forex reserve is declining. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this. RBI has sold US dollar to prevent slide in the value of rupee and this is the reason for the decrease in forex reserve.
The forex reserve of the country includes of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF).
FCA declined by $ 703 million to $ 553.656 billion. FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves. It is expressed US dollar. The foreign currency assets had dipped by $11.108 billion in the week ended on March 11.
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The value of gold reserves slumped by $ 1.831 billion to $ 42.011 billion. The value of gold reserves had surged by $ 1.522 billion in the week ended March 11 due to a sharp increase in gold prices in the international markets.
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.
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