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India's Foreign Exchange Reserves Plunge By $5.34 Billion

Publish On: 21 Mar, 2020 10:09 AM | Updated   |   Shivalik  

India's exchange reserves plunged by USD 5.34 billion in the week ended March 13.

As per the RBI's weekly statistical supplement, the general forex reserves, which are already at a record high, decreased to USD 481.89 billion from USD 487.23 billion reported for the week ended March 6.

Analysts cited the RBI's intervention to curb the slide in rupee value as a serious cause for the depletion.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International fund (IMF).

On a weekly basis, FCAs, the most important component of the forex reserves, decreased USD 3.77 billion to USD 447.35 billion.

Similarly, the worth of the country's gold reserves declined by USD 1.53 billion to USD 29.46 billion.

The SDR value dipped by USD 38 million to USD 3.61 billion, whereas the country's reserve position with the IMF inched up by USD 2 million to USD 1.44 billion.