In the two months since the outbreak of the Russia-Ukraine war, more than $ 30 billion has been wiped out. The decline in foreign currency assets (FCAs) and gold reserves, which are the major components of the total reserves. In the week ending April 22, the FCA It fell $ 2.835 billion to $ 533.933 billion. U.S. currencies such as the euro, the pound and the yen are among the foreign exchange reserves. The ups and downs in the value of non-dollar assets were reflected in the reports.
Gold reserves fell $ 377 million to $ 42.768 billion. The International Monetary Fund (IMF)’s Special Drawing Rights (SDR) fell $ 33 million to $ 18.662 billion. The figures are clear. As a result, India’s reserves with the IMF fell by $ 26 million to $ 5.060 billion. It has taken about a year to add $ 30 billion to India’s forex reserves. But reports from People say that’s just what’s happening. The stockpile was reportedly hit hard by a surge in international oil prices following the war.
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India’s import bill, which relies heavily on imports for its oil needs, has risen sharply. The country depends on imports for about 80 per cent of its demand. This increased the pressure on the rupee. The dollar also strengthened during the period. The rupee had depreciated sharply against the dollar in early trade on Friday. U.S. The rupee has been challenged by the dollar’s appreciation against other major currencies amid a surge in inflation and bond yields.
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