News Karnataka
Thursday, July 07 2022
Economy

Strong dollar dents India’s foreign reserves, forex down by over $11 bn - 1 min read

Forex down by over $11 bn, strong dollar dents India's foreign reserves
Photo Credit : IANS

Mumbai: Global currency fluctuations, due to a rise in US dollar strength, depleted India’s forex reserve by over $11.173 billion during the week that ended on April 1.

The foreign currency assets (FCAs), the largest component of the forex reserves, got negatively impacted due to the rising US dollar strength against other global currencies.

The FCAs consist of global currencies and securities such as US treasury bonds.

As per the RBI data, the FCAs edged lower by $10.727 billion to $539.727 billion.

India’s overall forex reserves, thus, fell by $11.173 billion to $606.475 billion from $617.648 billion reported for the previous week

The country’s forex reserves consist of FCAs, gold reserves, SDRs, and the country’s reserve position with the IMF.

The value of the gold reserves also decreased by $507 million to $42.734 billion.

While SDR value gained by $58 million to $18.879 billion, India’s reserve position with the IMF also gained by $4 million to $5.136 billion.

See also  Half the world's fossil fuel assets will be worthless by 2036
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Subscribe to our Podcast across platforms
AnchorAmazon MusicSpotifyGoogle PodcastsRadio PublicRSS

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

Subscribe Newsletter

Get latest news karnataka updates on your email.

To get the latest news on WhatsApp