India's forex reserves slump by another $2.59 billion
PremiumThe value of gold reserves slumped by $1.831 billion to $42.011 billion during the week under review
India's foreign exchange (forex) reserves dipped for a second consecutive week. The forex reserves were declined by $2.59 billion to $619.678 billion during the week ended on March 18. The value of gold reserves, as well as, foreign currency assets also declined sharply. The value of gold reserves slumped by $1.831 billion to $42.011 billion during the week under review.
For the week ended March 11, the forex reserves in the country slumped by $9.646 billion, the sharpest decline in nearly two years. The sharp decline in the country's forex reserves 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.
The foreign currency assets, which is the biggest component of the forex reserves, fell by $703 million to $553.656 billion during the week ended March 18.
The foreign currency assets had dipped by $11.108 billion in the previous week.
The value of India's Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) declined by $62 million to $18.865 billion. However, India's reserve position in the IMF remained unchanged at $5.146 billion during the week ended March 18, the RBI data showed.
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