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Last updated: 18 Aug, 2018  

Rupee.9.Thmb.jpg Forex reserves plunges by over $1.80 bn on rupee crisis

Rupee.9.jpg
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SME Times News Bureau | 18 Aug, 2018

Forex reserve of the country plunged by $1.82 billion during the week ended August 10, official data showed on Friday.

According to the Reserve Bank of India (RBI) weekly statistical supplement, the overall forex reserves plunged to $400.88 billion from $402.70 billion reported for the week ended August 3.

A strong US dollar and subsequent interventions by the country's central bank to stabilise the rupee drained over $1.80 billion from India's foreign exchange (forex) reserves.

The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit.

India's forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI's position with the International Monetary Fund (IMF).

Segment-wise, FCAs -- the largest component of the Forex reserves -- receded by $1.94 billion to $376.26 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies.

However, the value of the country's gold reserves increased by $145.6 million to $20.69 billion.

As per the data, the SDRs' value slipped by $9.2 million to $1.46 billion, while the country's reserve position with the IMF inched down by $9.2 million to $2.45 billion.

 
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