India's forex reserves plunge by $ 11.983 billion to $ 469.909 billion
Business & Economy

India's forex reserves plunge by $ 11.983 billion to $ 469.909 billion

NetIndian News Network

Mumbai, March 27, 2020

Going down for the second consecutive week after a 24-week uptrend, India’s foreign exchange reserves plunged by a whopping $ 11.983 billion to $ 469.909 billion during the week ended March 20, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had dipped by $ 5.346 billion to $ 481.892 billion during the previous week, which means they have fallen by $ 17.329 billion in the last two weeks.

This week's fall is the steepest in more than 11 years. The reserves had fallen by about $ 15 billion in the week ended October 24, 2008.

In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had fallen by $ 10.256 billion to $437.102 billion during the week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

According to the bulletin, the country’s gold reserves declined by $ 1.61 billion to $ 27.856 billion while its special drawing rights (SDRs) went down by $ 40 million to $ 1.409 billion.

India’s reserve position in the International Monetary Fund (IMF) decreased by $ 77 million to $ 3.542 billion, the bulletin added.