Forex reserves fall by $7 billion as rupee continues to bleed
MUMBAI: The foreign exchange reserves fell by $7.052 billion to $709.759 billion during the week to March 13, the RBI said Friday as the monetary authority continued to defend a bleeding rupee which closed at a record low of 93.71.
In the previous reporting week to March 6, the reserves lost $11.7 billion to come down to $716.81 billion, making that one of the worst falls in over a year.
The reserves had climbed to the highest closing on record at $728.49 billion in the week to February 27.
For the week to March 13, foreign currency assets, a major component of the reserves, fell $7.678 billion to $555.568 billion, the data released by the central bank showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
The value of gold reserves however increased by $664 million to $130.681 billion during the week, the RBI said, adding that special drawing rights (SDRs) were down $23 million to $18.697 billion, while the country’s reserve position with the IMF also fell $15 million to $4.814 billion in the reporting week.
