{"id":125167,"date":"2015-08-22T23:53:53","date_gmt":"2015-08-22T23:53:53","guid":{"rendered":"http:\/\/151.106.38.4\/2015\/08\/22\/foreign-reserves-grow-by-1-8-bn-after-two-weeks-of-fall\/"},"modified":"2015-08-22T23:53:53","modified_gmt":"2015-08-22T23:53:53","slug":"foreign-reserves-grow-by-1-8-bn-after-two-weeks-of-fall","status":"publish","type":"post","link":"https:\/\/nagalandpost.net\/index.php\/2015\/08\/22\/foreign-reserves-grow-by-1-8-bn-after-two-weeks-of-fall\/","title":{"rendered":"Foreign reserves grow by  $1.8 bn, after two weeks of fall"},"content":{"rendered":"<p><img src=\/old_site\/><\/p>\n<div>After two weeks of consecutive falls due to plunging gold prices and international currency devaluations, India\u2019s foreign exchange (Forex) reserves gained $1.08 billion in the week ended August 14.<\/div>\n<div>The reserves for the week under review stood at $354.43 billion after falling by $321.1 million since July 31.&nbsp;<\/div>\n<div>For the week ended August 7, the reserves had declined by $113.5 million to $353.34 billion. The data furnished by the Reserve Bank of India (RBI), in its weekly statistical supplement showed that the foreign currency assets (FCAs) rose by $1.03 billion to $330.83 billion. The FCA which constitutes the largest component of Forex reserves includes nearly 20-25 percent of non-dollar currencies, securities and bonds bought abroad.&nbsp;<\/div>\n<div>The major catalyst for the earlier FCA losses was the devaluation of yuan, intended to boost Chinese exports.&nbsp;<\/div>\n<div>China\u2019s central bank devalued yuan by two percent on August 11. This was the biggest devaluation in the Chinese currency since 1994.<\/div>\n<div>The currency fell again by another two percent on August 12 panicking the world economy.&nbsp;<\/div>\n<div>The move strengthened the dollar value, which has negatively impacted major world currencies including the Indian rupee which has touched new 2-year lows recently.&nbsp;<\/div>\n<div>The yuan has fallen by 4.6 percent till now since August 11.&nbsp;<\/div>\n<div>At the same time, the country\u2019s gold reserves were stagnant at $18.25 billion in the week under review.&nbsp;<\/div>\n<div>The reserves had plunged by $824.2 million in the week ended July 31.<\/div>\n<div>The plunge in bullion reserve value came about after the international prices steadily declined as a result of dollar gaining strength.<\/div>\n<div>From a peak of $1,900 an ounce in September 2011, the spot gold price slumped to a five-year low of $1,086 an ounce on August 6, 2015.<\/div>\n<div>However, the special drawing rights (SDRs) in the period under review were higher by $35.4 million to $4.05 billion.&nbsp;<\/div>\n<div>The country\u2019s reserve position with the International Monetary Fund (IMF) was up by $11.2 million to $1.29 billion.<\/div>\n<div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>After two weeks of consecutive falls due to plunging gold prices and international currency devaluations, India\u2019s foreign exchange (Forex) reserves gained $1.08 billion in the week ended August 14. The reserves for the week under review stood at $354.43 billion after falling by $321.1 million since July 31.&nbsp; For the week ended August 7, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[667],"tags":[],"class_list":["post-125167","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/125167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=125167"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/125167\/revisions"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=125167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=125167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=125167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}