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India’s Forex Reserves Declined by 2.676 bn Dollars

Published on May 21, 2022
Current Context: As per recent data released by India’s central bank RBI, the country’s forex reserves has been declined by $2.676 bn to $593.27bn.
  • In the Earlier week, the reserves had already declined by USD 1.774 billion to USD 595.954 billion. Now its number stepped up to $2.676 bn.
  • Gold reserves have also been decreased by USD 1.169 billion to USD 40.57 billion.
  • The main reason shared by RBI in its report is that the drop in forex reserves is due to a drop in foreign currency assets, gold reserves, etc.
  • They will always be expressed in dollars and other currencies like the euro, pound, and yen, due to depreciation or appreciation of these currencies will impact the forex reserves for any country.
  • Apart from that The special drawing rights (SDRs) with the International Monetary Fund (IMF) dipped from USD 165 million to USD 18.204 billion.
  • In the present week, foreign currency assets have already declined by USD 1.302 billion to USD 529.554 billion.

Static Part:

  • International Monetary Fund: Established in July 1944
  • Headquarters: Washington D.C
  • Member Countries:190
  • Currencies used in Special Drawing Rights: the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling.

Question

Ques: 1. According to RBI’s recent report forex reserves have been declined by _____?
A. $1.169 bn
B. $2.676 bn
C. $1.302 bn
D. $1.774 bn
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