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Thursday, July 07 2022

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.

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