Tuesday, May 24, 2022
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
Home | Business | Indias Forex Reserves Dip By 9 64 Billion Biggest Drop In 2 Years

India’s forex reserves dip by $9.64 billion, biggest drop in 2 years

By ANI
Published: Published Date - 01:08 PM, Sat - 19 March 22
Representational Image

Mumbai: India’s foreign exchange (forex) reserves declined by $9.646 billion to $622.275 billion in the week ended March 11, the sharpest decline in nearly two years, as the Reserve Bank of India (RBI) heavily sold dollars to prevent the slide in the value of rupee.

According to the RBI’s weekly statistical supplement, the foreign currency assets, which is the biggest component of the forex reserves, slumped by $11.108 billion to $554.359 billion during the week under review.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling and Japanese Yen held in the foreign exchange reserves.

This sharp decline in the country’s foreign currency assets coincides with the week during which the rupee hit an all-time low.

The Indian rupee plunged to a record low of 77.02 against a US dollar on March 7.
According to the market analysts, the RBI intervened in the currency markets by selling dollars. The central bank is estimated to have sold $1 billion a day during the week to prevent further weakness in the Indian currency.

The decline in the forex reserves during the week ended March 11 this year was the sharpest in nearly two years. The country’s forex reserves had slipped by $11.9 billion during the week ended March 20, 2020. The country’s forex reserves had touched an all-time high of $642.453 billion in the week ended September 3, 2021.

The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by $53 million to $18.928 billion. India’s reserve position in the IMF dropped by $7 million to $5.146 billion during the week ended March 11, the RBI data showed.

However, the value of gold reserves rose sharply in line with the sharp appreciation in the gold price during the week. The value of gold reserves jumped by $1.522 billion to $43.842 billion during the week under review.


Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .


  • Follow Us :
  • Tags
  • dollars
  • Foreign Exchange (forex)
  • India
  • Indian Rupee

Related News

  • India logs 1,675 Covid cases in a day, 31 deaths

  • Opinion: India in the new world order

  • Asia Cup 2022: Pakistan hold India to 1-1 draw in opening Pool A match

  • Saudi Arabia bans citizens from travelling to 16 nations, including India

  • India records 2,022 new COVID-19 infections, 46 fatalities

  • Vivo launches Y75 4G smartphone in India with MediaTek chipset

Latest News

  • Ram Gopal Varma booked for cheating in Hyderabad

    10 mins ago
  • Quad to cooperate on disaster risk reduction through CDRI

    19 mins ago
  • UNGA resolution calls for efforts to mitigate food security crisis

    48 mins ago
  • Two held for Haryanvi singer’s murder

    56 mins ago
  • Pfizer says Covid shot 80% effective in young kids

    1 hour ago
  • Snapchat slows down hiring, to only hire 500 more people this year

    1 hour ago
  • Free, inclusive Indo-Pacific region a shared goal of Quad: Modi in Tokyo

    2 hours ago
  • T’gana Cong leader Jagga Reddy slams TRS for nominating Parthasaradhi Reddy to RS

    2 hours ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam