India’s forex reserves rose by $1.8 bn in week ended April 10

By: |
April 18, 2020 3:02 AM

As per data from the Reserve Bank of India (RBI), the total reserves stood at $476.475 billion at the end of the week.

Compared to end-March 2020, the forex reserves have fallen $1.332 billion. Compared to end-March 2020, the forex reserves have fallen $1.332 billion.

India’s foreign exchange reserves rose by $1.815 billion during the week ended April 10, a week after the reserves witnessed a fall of $902 million as the central bank intervened to stem the fall of the rupee. As per data from the Reserve Bank of India (RBI), the total reserves stood at $476.475 billion at the end of the week.

Compared to end-March 2020, the forex reserves have fallen $1.332 billion. Previously, during the week ended March 20, the forex reserves had fallen by as much as $11.983 billion, the highest fall since the global financial crisis of 2008. As on April 17, the rupee closed at 76.4037 against the greenback.

Since the previous week, foreign currency assets (FCA), which form a key component of reserves, grew by $1.222 billion to $440.338 billion over the past week. Gold reserves rose by $586 million to $31.136 billion. Special drawing rights (SDR) from the International Monetary Fund (IMF) fell by $4 million to $1.424 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion of their quota. The reserve position in the IMF rose by $11 million to $3.578 billion, according to RBI data.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1RBI remains net purchaser of US dollar in August
2Private investment cycle set to pick up: Report
3Continued coordinated policy response to combat COVID-19 is critical to overcome health crisis: IMF