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Coronavirus impact: India's foreign exchange reserves take a hit

Coronavirus pandemic is taking a toll on the global economy and it has had its impact on India as well. India's foreign exchange reserves have been taking a hit.

Coronavirus pandemic is taking a toll on the global economy and it has had its impact on India as well. India's foreign exchange reserves have been taking a hit. In the week leading to April 3, India's foreign exchange reserves declined by USD 902 million. This brought India's foreign reserves to 474.66 billion. In the week before that, the reserves had surged by USD 5.65 billion and that brought the reserves to USD 475.56 billion.

The reserves had touched a life-time high of USD 487.23 billion in the week to March 6, after it rose by USD 5.69 billion.
During 2020-21, the country's foreign exchange reserves have risen by almost USD 62 billion.
In the reporting week ended April 3, the foreign currency assets (FCA), a major component of the overall reserves, decreased by USD 547 million to USD 439.12 billion.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
The gold reserve also declined by USD 340 million to USD 30.55 billion in the reporting week, the RBI data showed.
The special drawing rights with the International Monetary Fund (IMF) were up by USD 5 million to USD 1.43 billion.
The country's reserve position with the IMF dipped by USD 19 million to USD 3.57 billion, the data showed.
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