Categories: Business

Bad news amid rising Covid-19 cases, foreign exchange reserves dipped by $ 2.94 billion

Photo: INDIA TIRBUNE

Forex reserves down by USD 2.94 bn to USD 535.25 bn

new Delhi. For the past few weeks, the steady increase in foreign exchange reserves has taken a break. The country's foreign exchange reserves declined by $ 2.939 billion to $ 535.252 billion during the week ended August 14. This information has been provided by the latest data released by the RBI on Friday.

Earlier, during the week ending August 7, the foreign exchange reserves had increased by $ 3.623 billion and reached an all-time high of $ 538.191 billion. The country's foreign exchange reserves first crossed the $ 5 billion level on June 5, 2020. On that day the foreign exchange reserves had increased by $ 8.223 billion and it had increased to $ 501.703 billion.

During the week ending August 14, the foreign exchange reserves have declined due to the decline in foreign exchange assets (FCA). Foreign currency assets are a major factor in the overall foreign exchange reserves. During this time, the FCA decreased by $ 74.3 million to $ 491.550 billion. Foreign currency assets expressed in dollars also have the effect of fluctuations in non-US currencies such as the euro, pound and yen in the foreign exchange reserves.

The country's gold reserves also decreased during the week under review. According to RBI data, it declined by $ 2.19 billion and came down to $ 37.595 billion.

The country's special withdrawal rights with the International Monetary Fund (IMF) also decreased by $ 2 million to $ 1.479 billion. RBI said that during the week under review, the country's currency reserves in the International Monetary Fund have also decreased by $ 4 million to $ 4.628 billion.

This post was published on August 21, 2020 8:06 pm

Content Team

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