Forex reserves up by USD 29 mn to record USD 476.12 bn

The forex kitty had zoomed by $3 billion to $476.092 billion in the previous reporting week. Foreign currency assets, a major component of the overall reserves, fell by $490 million to $441.458 billion in the reporting week, ending a multi-week surge.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The value of the gold reserves rose for the second consecutive week, climbing $539 million to $29.662 billion, the apex bank said. GDP growth slows to 4.7% in Q3 FY20; FY20 GDP growth seen at 5%

The special drawing rights with the International Monetary Fund dipped by $4 million to $1.426 billion. The country’s reserve position with the Fund also declined by $15 million to $3.575 billion, the data showed.

The rupee plunged by 63 paise to settle at nearly six-month low of 72.24 against the US dollar, tracking heavy sell-offs in equities and sustained foreign fund outflows on fears that coronavirus can wreak havoc on the global economy.

At the interbank forex market, the local currency opened lower at 71.90 to the USD and hit a low of 72.29 in day trade. The domestic currency finally settled at 72.24, showing a loss of 63 paise — the biggest single-day loss since September 13, 2019.