India's Forex Reserves Fall By $1.76 Billion To $630.19 Billion
NDTV
India's foreign exchange reserves fell to $630.19 billion in the week ending February 11 due to a sharp drop in the foreign currency assets' value
Foreign exchange reserves of the country fell by $1.76 billion to $630.19 billion in the week ending February 11 due to a sharp drop in the value of foreign currency assets, the Reserve Bank of India (RBI) data showed.
Foreign currency assets, which is the biggest component of the forex reserves, slumped by $2.764 billion to $565.565 billion during the week under review, according to the RBI's weekly statistical supplement.
In dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK's Pound Sterling and Japanese Yen held in the foreign exchange reserves.
India's reserve position in the International Monetary Fund (IMF) dropped by $16 million to $5.217 billion.
The price hike, caused by the conflict, is the second in a week and the third since March 1.
File image of PM Modi chairing a Cabinet meeting.
Experts shared buy. sell and hold recommendations on NDTV Profit's 'Ask Profit' show.
