India’s forex kitty drops by $11.41 billion to $698.346 billion

India's foreign exchange reserves saw a significant drop of over USD 11 billion. This decline occurred in the week ending March 20.

Key takeaways

Quick scan — what you need to know:

• India's foreign exchange reserves saw a significant drop of over USD 11 billion.
• This decline occurred in the week ending March 20.
• The main reason for this fall was a sharp decrease in the value of gold holdings.
• Despite this, foreign currency assets, a major component, saw an increase.

Background

What led here, in plain terms:

• Overall reserves now stand at USD 698.34 billion.
• India's foreign exchange reserves saw a significant drop of over USD 11 billion.
• This decline occurred in the week ending March 20.
• The main reason for this fall was a sharp decrease in the value of gold holdings.

Why it matters

Why readers and decision-makers should care:

• This decline occurred in the week ending March 20.
• The main reason for this fall was a sharp decrease in the value of gold holdings.
• Despite this, foreign currency assets, a major component, saw an increase.