New Delhi. There is shocking news on the economic front. Foreign exchange reserves have declined for the third consecutive week. The country’s foreign exchange reserves declined by $10.28 billion to $688.06 billion in the week ending March 27.
The Reserve Bank of India (RBI) said in the data released on Friday that the country’s foreign exchange reserves declined by $ 10.28 billion to $ 688.06 billion in the week ending March 27. Due to this, the total foreign exchange reserves had decreased by $ 11.413 billion in the last week to $ 698.34 billion.
According to the data released by the central bank, in the week ending March 27, foreign currency assets, a major component of foreign exchange reserves, declined by $ 6.62 billion to $ 551.07 billion during this period. During this period, the value of its gold reserves has also declined by $3.66 billion to $113.52 billion.
According to RBI, in the week ending March 27, Special Drawing Rights (SDR) increased by $ 17 million to $ 18.64 billion. Apart from this, India’s reserve fund with the International Monetary Fund (IMF) decreased by $ 17 million to $ 4.81 billion.
It is noteworthy that before the start of the West Asia conflict, the country’s foreign exchange reserves had reached an all-time high of $ 728.49 billion in the week ending February 27.
The rupee has been under constant pressure since the Middle East conflict began, and the RBI has been intervening in the foreign exchange market through the sale of dollars. Along with this, some major policy steps have also been taken to stop the fall of the rupee.
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