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Forex Reserves Fall by $12 Billion

Published on March 28, 2020
Current context: RBI data showed that India’s foreign exchange reserves fell by a whopping $11.98 billion in the week to March 20.
Forex Reserves Fall by $12 Billion
  • The rupee hit an all-time low of 76.15 against the US dollar on 23rd March 2020.
  • The Reserve Bank continued to supply dollars into the market to stem fall in the rupee that fell by $11.98 billion to $469.909 billion.
  • The first decline in the country's reserve in almost six months was observed in the previous week, in which the country's foreign exchange reserves fell by $5.346 billion to $481.89 billion.
  • The reserves had touched a life-time high of $487.23 billion in the week to 6th March 2020.
  • The gold reserve decreased by $1.610 billion to $27.856 billion in the week under review.
  • The special drawing rights with the International Monetary Fund (IMF) were down by $40 million to $1.409 billion.
  • Also, India’s reserve position with the IMF dipped by $ 77 million to $ 3.542 billion.

Question: 

Q.1 India’s foreign exchange reserves fell by a whopping $_________ billion in the week to March 20?
a. 13.89
b. 12.56
c. 11.98
d. 10.76
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