Forex reserves fell $ 90 million to $ 474.66 billion

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Mumbai, Ta. 11 April 2020, Saturday

In the week ended April 1, India's forex reserves fell by $ 1.8 million. The decline is a result of the money market intervention by the Reserve Bank to curb the rupee depreciation against the dollar. The dollar is trading above Rs 5. In the week of April 1, the country's forex reserve fell to $ 1.8 billion, the Reserve Bank data says.

Due to the impact of COVD-I, the rupee has seen a high volatility in the last few weeks as foreign institutional investors are withdrawing their investment from the country's capital markets. Foreign investors withdrew investment of Rs 1.8 lakh crore in March, data shows.

The forex reserve has seen a steady increase in the first 6 months after the outbreak of Covid-1. Since the outbreak of Covid-1, the forex reserve has dropped more than $ 2 billion from the all-time high. On March 7, the forex reserve peaked at $ 1.8 billion.

For the week ended March 8, the reserve had dropped by a staggering $ 5.5 billion.

However, the country's forex reserve is worth more than $ 8 billion compared to April 1 last year. At the end of the week of April 1, the country's gold reserve has fallen by $ 40 million to $ 1.8 billion. However, given the recent surge in gold prices, gold reserves are expected to rise in the coming weeks.

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