India’s forex reserves down $286 million

The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.

 

Puneet Verma

MBA 2014-16,

Vinod Gupta School of Management, IIT Kharagpur

 

RBI (Reserve bank of India) data showed that India foreign exchange reserve has decreased for the week ended March 6. The decrease in amount is almost of $286.3 million.

The Tribune quoted on March 14 that “The reserves had increased by $3.88 billion to $338.07 billion for the previous week ended Feb 27. In the week ended Feb 20 the reserves were up by $1.02 billion to $334.19 billion”.

Yahoo news quoted on 6 March “According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, however, rose $122.4 million at $312.32 billion in the week under review.”

According to International Monetary Fund(IMF), India’s reserve position stood at $1.61billion by March 6.  It has decreased by almost $17.9 million.

Gold reserve has increased to $19.83billion which is the jump of around $346.2 million. Although gold reserve has not increased since Feb6.

The RBI said “the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve”.

 

References

https://in.finance.yahoo.com/news/indias-forex-reserves-down-286-080003949.html

https://in.finance.yahoo.com/news/indias-forex-reserves-down-286-080003949.html

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