Foreign Reserves of India: The country’s foreign exchange reserves declined by $2.39 billion to $560.003 billion in the week ended March 10. The Reserve Bank of India (RBI) gave this information in its latest data on Friday. For the week ended March 3, the foreign exchange reserves had increased by $ 1.46 billion to $ 562.40 billion. On an annual basis, the Reserve Bank said, the foreign exchange reserves declined by $ 47.31 billion during the week under review, while on a financial year basis there was a decline of $ 62.23 billion. With this decline, foreign exchange reserves are at their lowest level since early December, according to the weekly statistical supplement released by the Reserve Bank on Friday. The decline in reserves is due to the revaluation of foreign currency assets, which are the most important component of foreign exchange reserves.
recorded a decline of billions of dollars
Foreign currency assets declined by $2.2 billion to $494.86 billion in the week to March 10. On a year-on-year basis, the value of foreign currency assets declined by $45.86 billion and from a financial year perspective, they lost $59.49 billion. Expressed in dollars, foreign currency assets also include the effects of movements in non-US currencies such as the euro, pound and yen. The latter is witnessing a fall as the central bank uses reserves to counter a sharp fall in the rupee’s exchange rate amid global developments.
Gold reserves also declined
The Reserve Bank said that the fall in gold reserves continued for the fourth consecutive week and the value of gold reserves declined by $ 110 million to $ 41.92 billion in the week under review. According to the data, the Special Drawing Rights (SDRs) also declined by $80 million to $18.187 billion. The country’s reserve position with the International Monetary Fund (IMF) also declined by $11 million to $5.1 billion during the week under review.
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