India's forex reserves slump by another $2.59 billion
By Team Newsable | First Published Mar 26, 2022, 4:51 PM ISTAccording to the RBI's weekly statistics supplement, the country's currency reserves fell by $2.597 billion to $619.678 billion during the week ended March 18. The value of gold stockpiles, as well as foreign currency holdings, has plummeted dramatically.
India's foreign currency (forex) reserves fell by $2.59 billion in the week ended March 18, marking a steep dip for the second consecutive week as the Reserve Bank of India (RBI) actively sold dollars to avoid the rupee from falling in value. The previous week, ending March 11, India's foreign reserves fell by $9.646 billion, the largest drop in over two years.
According to the RBI's weekly statistics supplement, the country's currency reserves fell by $2.597 billion to $619.678 billion during the week ended March 18. The value of gold stockpiles, as well as foreign currency holdings, has plummeted dramatically.
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The country's currency reserves have fallen sharply for the second week in a row. For the week ending March 11, India's foreign reserves fell by $9.646 billion, the worst drop in almost two years. The steep fall in the country's foreign reserves corresponds with the rupee's all-time low this week. On March 7, the Indian rupee hit a record low of 77.02 versus the US dollar.
Foreign currency assets, the largest component of FX reserves, dropped by $703 million during the week ending March 18 to $553.656 billion. In the preceding week, foreign currency assets fell by $11.108 billion. Foreign currency assets, expressed in US dollars, include the effect of non-dollar currency appreciation or depreciation held in foreign exchange reserves, such as the Euro, British Pound Sterling, and Japanese Yen.
During the week under examination, the value of gold reserves fell by $1.831 billion to $42.011 billion. Due to a substantial increase in gold prices in international markets, the value of gold reserves climbed by $1.522 billion in the week ended March 11.
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