Categories: Business

Forex reserves down by USD 2.078 billion to USD 505.566 billion. Foreign exchange reserves declined by $ 2.078 billion to $ 505.56 billion

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Forex reserves down by USD 2.078 billion to USD 505.566 billion

Mumbai. The country's foreign exchange reserves declined by $ 2.078 billion to $ 505.56 billion from its all-time high during the week ended June 19. This information has been given in the Reserve Bank of India data. According to the Reserve Bank, foreign exchange reserves have declined for the first time since April 24. At that time, the foreign currency assets had decreased by $ 113 million to $ 479.455 billion.

The country's foreign exchange reserves increased by $ 28.189 billion between April 24 and June 12. Earlier, in the week ending June 12, the country's foreign exchange reserves had increased by $ 5.942 billion to touch a record high of $ 507.644 billion. The country's foreign exchange reserves crossed the $ 500 billion level for the first time in the week ended June 5, when it increased strongly to $ 8.223 billion to $ 501.703 billion.

The decline in foreign currency reserves in the week ended June 19 is due to the decline in foreign currency assets, considered a significant part of the total reserves. As per Reserve Bank data, foreign currency assets declined by $ 1.698 billion to $ 467.039 billion in the week under review. Gold reserves fell by $ 358 million to $ 32.815 billion in the week under review. Reserve Bank data showed that the special drawing rights in the International Monetary Fund decreased by $ 6 million to $ 1.447 billion in the week under review, while the country's reserve reserves in the IMF decreased by $ 16 million to $ 4.264 billion.

This post was published on June 27, 2020 1:25 am

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