Forex reserves rise $ 5.60 billion following higher gold prices

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Mumbai, Ta. 4 April 2020, Saturday

During the week ended March 3, the country's forex reserve saw a rise of $ 1.8 billion following the rise in gold prices. The forex reserve rose to $ 1.8 billion.

The rupee's weakening against the dollar has led to the rise in the forex reserve despite the Reserve Bank intervening in the money market. In order to maintain stability in the rupee, the RBI is selling the dollar frequently.

According to the Reserve Bank data, foreign currency assets increased by $ 1.8 billion in the week of March 8 to $ 1.8 billion. In the week of March 8, the Forex Reserve dropped $ 2 billion. However, in the following week, the week of March 7, the country's gold reserves rose by $ 8 billion to $ 1.8 billion. There is also the possibility of pressure on the forex reserve as foreign institutional investors withdraw their investments from the country's capital markets.

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