PM, Finance Minister must answer on declining forex reserves, says Kharge

The Congress President claims there was a decline of $85 billion in the forex reserves in the past six months of fiscal

The Prime Minister and the Finance Minister must answer why India’s foreign exchange (forex) reserves in the first half of the financial year have seen a sharp decline and rupee has become among the most depreciated currencies in the emerging markets, Congress President Mallikarjun Kharge said on Thursday.

Stating that India’s forex store dipped faster than its peers, Mr. Kharge claimed that there was a decline of $85 billion in the forex reserves in the past six months of the fiscal.

“India’s forex reserves declined by nearly $85 billion in the first half. In emerging markets, the Indian rupee is amongst the most depreciated currencies. Would the Finance Minister or the PM have anything to say on this?” the Congress President asked on Twitter.

He also posted a chart that showed the fall in the foreign exchange reserves as compared to other countries as well as the decline in the currency value. The chart pointed out that while the Indian rupee fell by 10.2% against the U.S. Dollar, the British pound strengthened by 20.2%, Euro by 16% and the Australian Dollar by 15.3%.