Corona impact on foreign exchange reserves, biggest decline in 12 years

New Delhi: Due to the Corona virus, the economy of the entire world, including India, is seen to be battered. The virus has also badly affected the Indian foreign exchange reserves. The latest figures from the Reserve Bank show that the country's foreign exchange reserves have registered a steep decline of $ 11.98 billion in the week ending March 20, to $ 469.909 billion.

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This is the biggest decline since 2008. This is the first time in the last six months when the foreign exchange reserves have declined. Earlier, there was a decline in foreign exchange reserves in the week ended 20 September 2019. Then it was reduced from $ 388 million to $ 428.58 billion. It is noteworthy that in the week ended March 6, the foreign exchange reserves of the country rose by $ 5.69 billion to touch the all-time high of $ 487.23 billion.

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In fact, amidst uncertainties about the rapidly spreading coronavirus, the confidence of foreign investors has decreased and in such a situation the withdrawal of money has increased. Due to this, the rupee reached an all-time low of 76.15 per dollar on 23 March. However, all steps have been taken by the government to reduce the financial effects of the coronavirus. In such a situation, on Friday, the Indian rupee closed at 74.89 a dollar, a gain of 27 paise against the dollar.

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