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India's foreign exchange reserves dropped USD 325 million to USD 560.942 billion as of February 24, making it the fourth consecutive week of decline in the kitty, the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> said on Friday. In the previous reporting week, the overall reserves had declined USD 5.68 billion to USD 561.267 billion. In October 2021, the forex kitty reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the reserves to defend the rupee amid pressures due to various factors, mainly global developments. For the week ended February 24, the foreign currency assets, a major component of the reserves, decreased USD 166 million to USD 495.906 billion, according to the <keyword id="513231" type="General" weightage="80" keywordseo="weekly-statistical-supplement" source="Orion">Weekly Statistical Supplement</keyword> released by the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>. 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. Gold reserves decreased for the fourth week running and were down USD 66 million to USD 41.751 billion. The <keyword id="11962670" type="General" weightage="80" keywordseo="special-drawing-rights" source="Orion">Special Drawing Rights</keyword> (SDRs) also fell USD 80 million to USD 18.187 billion. The country's reserve position with the IMF was down USD 12 million to USD 5.098 billion in the reporting week, as per the RBI data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-group-vedanta-natco-pharma-among-stocks-to-watch/articleshow/98378981.cms">Sensex closes 900 points higher led by rally in Adani group stocks &amp; banks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/recovery-in-real-estate-sector-likely-to-boost-household-income-says-icici-securities/articleshow/98390970.cms">Recovery in real estate sector likely to boost household income, says ICICI Securities</a>

Forex kitty falls $325 million to $560.9 billion

In the second consecutive week of an increase in the kitty, <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s forex reserves have grown by USD 2.537 billion to USD 547.252 billion for the week ended November 18, the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> said on Friday. In the previous reporting week, the overall kitty had swelled by USD 14.721 billion the highest weekly rise since August 2021 to USD 544.715 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused by global developments. Foreign currency assets (FCA), a major component of the overall reserves, increased by USD 1.76 billion to USD 484.288 billion during the week of November 18, according to the <keyword id="513231" type="General" weightage="80" keywordseo="weekly-statistical-supplement" source="Orion">Weekly Statistical Supplement</keyword> released by the RBI on Friday. 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 gold reserves increased by USD 315 million to USD 40.011 billion, it said. The <keyword id="11962670" type="General" weightage="80" keywordseo="special-drawing-rights" source="Orion">Special Drawing Rights</keyword> (SDRs) were up by USD 351 million to USD 17.906 billion, the apex bank said. The country's reserve position with the <keyword id="6355408" type="General" weightage="80" keywordseo="imf" source="Orion">IMF</keyword> was also up by USD 111 million to USD 5.047 billion in the reporting week, the apex bank data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-8-paise-higher-to-close-at-81-62-against-us-dollar/articleshow/95765322.cms">Rupee 8 paise higher to close at 81.62 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/india-uae-in-talks-for-rupee-dirham-denominated-bilateral-trade/articleshow/95766169.cms">India, UAE in talks for rupee-dirham denominated bilateral trade</a>

Forex kitty grows for 2nd consecutive week; rises $2.54 bn to $547.25 bn

<ul class="summary-list"><li>The <keyword id="6355408" type="DEFINITION" weightage="60" keywordseo="imf">IMF</keyword> has voted for a $650 billion COVID-19 aid package to support struggling countries, its biggest distribution of reserves ever.</li><li> Aid will be given in line with fund shareholdings, meaning the majority will go to developed countries.</li><li>But the IMF is encouraging them to channel some funds to poorer countries, typically harder hit by the pandemic.</li></ul>The <keyword id="6366068" type="ORGANIZATION" weightage="60" keywordseo="international-monetary-fund">International Monetary Fund</keyword> has given the green light for a COVID-19 aid package worth $650 billion, the majority of which will go to rich countries - but it is encouraging them to share some of the funds.The aid, <a href="https://www.imf.org/en/News/Articles/2021/07/30/pr21235-imf-governors-approve-a-historic-us-650-billion-sdr-allocation-of-special-drawing-rights">confirmed</a> on Monday, is the IMF's biggest-ever distribution of monetary reserves and is meant to support countries struggling with debt and other financial fallout related to the pandemic.Members will be given <keyword id="381005" type="PERSON" weightage="60" keywordseo="Special-Drawing-Rights">Special Drawing Rights</keyword>, or SDRs, in line with current quotas of holdings on August 23. Backed by major currencies such as the US dollar and the yen, SDRs are effectively the IMF's reserve assets."This is a historic decision - the largest SDR allocation in the history of the IMF and a shot in the arm for the global <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> at a time of unprecedented crisis," Kristalina Georgieva, managing director of the IMF, said in a statement. Of the $650 billion total package, around $275 billion is earmarked for emerging and developing countries, meaning $375 billion should go to more developed nations. Those richer members in strong economic positions will be able to reallocate parts of their reserves to other countries through the IMF, should they wish to do so."We will also continue to engage actively with our membership to identify viable options for voluntary channeling of SDRs from wealthier to poorer and more vulnerable member countries to support their pandemic recovery and achieve resilient and sustainable growth," Georgieva said. The Covid-19 pandemic has put a substantial strain on economies worldwide, as productivity suffered and activity fell during lockdown restrictions. Governments faced increased costs in providing healthcare, vaccinations and protecting their citizens from the virus. Global stocks plunged last year as the impact of the pandemic landed, but are <a href="https://markets.businessinsider.com/news/stocks/stocks-recovery-quickly-covid-pandemic-global-cfa-institute-survey-equities-2021-6">staging a recovery</a> as coronavirus-related restrictions ease.Economies have been rebounding at different speeds and to different degrees. Those countries that saw lower COVID-19 caseloads or higher vaccination rates have made quicker progress than those still grappling with rising cases and deaths, where vaccination rates are low. Developed countries with bigger <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and more economic strength tend to fall into the first category, while emerging and developing countries are mainly in the latter. The pandemic-aid funds, once injected into economies, should boost global liquidity, build confidence, and promote the resilience and stability the global economy, the IMF said.Since their creation in 1969, SDRs worth $293 billion have been distributed by the IMF, according to the organization's <a href="https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR">website</a>. That makes the new commitment worth more than double the amount of aid the IMF has ever distributed in SDR form. Following the financial crisis, the IMF allocated reserves worth approximately $250 billion to its members.

The IMF has approved a $650 billion Covid-19 aid package, mainly going to rich countries - but it's urging them to share

Now <a href="http://www.businessinsider.in/searchresult.cms?query=air+travellers">air travellers</a> will be able to avail higher compensation in case of death, injury, lost baggage as the <a href="http://www.businessinsider.in/searchresult.cms?query=parliament">Parliament</a> passed the Carriage by Air (Amendment) Bill. 
 After the President’s nod, the <keyword id="55351" type="ORGANIZATION" weightage="20" keywordseo="Air-passengers">air passengers</keyword> will be able compensated equivalent to the rates paid by their global counterparts. 
 
In case of death in an <a href="http://www.businessinsider.in/searchresult.cms?query=air+accidents\">air accident</a>, the amount would be calculated on the basis of SDR (<keyword id="381005" type="UNKNOWN" weightage="20" keywordseo="Special-Drawing-Rights">Special Drawing Rights</keyword>). 
 
The Bill intends to raise the liability limit for damage in case of death or bodily injury for each person from 1,00,000 SDR to 1,13,100 SDR. 
The currency value of the SDR is based on market exchange rates of a basket of major currencies - US dollar, Euro, Japanese Yen and Pound Sterling. 
 
As per the latest exchange rate, the compensation limit rises to more than Rs 1 crore. One SDR is equivalent to around Rs 93. 
 
According to the Bill, the liability for delay in carriage for each person was proposed to be raised from 4,150 SDR to 4,694 SDR, while the liability in case of destruction, loss, damage or delay of baggage is proposed to be raised from 1,000 SDR to 1,131 SDR.

Indian flyers will get much higher compensations now, at par with global standards

<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, India's forex reserves increased by USD 6.396 billion to USD 642.492 billion for the week ended March 15, the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> said on Friday. In the previous reporting week, the overall reserves had risen by USD 10.47 billion to USD 636.095 billion. In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended March 15, the foreign currency assets, a major component of the reserves, increased by USD 6.034 billion to USD 568.386 billion, the data showed. 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. Gold reserves increased by USD 425 million to USD 51.14 billion during the week, the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> said. The Special Drawing Rights (SDRs) were up by USD 65 million to USD 18.276 billion, the <keyword id="20097680" type="General" weightage="20" keywordseo="apex-bank" source="keywords">apex bank</keyword> said. India's reserve position with the IMF was down by USD 129 million to USD 4.689 billion in the reporting week, the <keyword id="20883994" type="General" weightage="20" keywordseo="apex-bank-data" source="keywords">apex bank data</keyword> showed.

India's forex kitty rises by $6.40 billion to $642.50 billion

India's <keyword id="20344433" type="General" weightage="20" keywordseo="forex-reserves" source="keywords">forex reserves</keyword> decreased <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 2.282 billion to USD 640.334 billion for the seven days ended April 19 in the second consecutive week of drop in the kitty, the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) said on Friday. The reserves had dropped USD 5.401 billion to USD 643.162 billion in the previous reporting week, ending a multi-week trend of an increase, which also saw the overall reserves touching a new all-time high of USD USD 648.562 billion for the week ended April 5. In September 2021, the country's forex kitty had reached a high of USD 642.453 billion, which was breached in March this year. The reserves took a hit as the central bank deployed the kitty to defend the <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> amid pressures caused majorly by global events, but there had been a steady accretion over the past few months. For the week ended April 19, the <keyword id="20972687" type="General" weightage="20" keywordseo="foreign-currency-assets" source="keywords">foreign currency assets</keyword>, a major component of the reserves, decreased USD 3.793 billion to USD 560.86 billion, according to the data released on Friday. 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. <keyword id="20344434" type="General" weightage="20" keywordseo="gold-reserves" source="keywords">Gold reserves</keyword> continued to rise and increased USD 1.01 billion to USD 56.808 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down USD 43 million to USD 18.034 billion, the apex bank said. India's reserve position with the IMF was also down USD 2 million to USD 4.631 billion in the reporting week, the apex bank data showed. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/ultraviolette-f77-mach-2-electric-sports-bike-launched-in-india-starting-at-2-99-lakh/slidelist/109615934.cms" target="_blank">Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/realme-c65-5g-with-5000mah-battery-120hz-display-launched-starting-at-10499/articleshow/109619597.cms" target="_blank">Realme C65 5G with 5,000mAh battery, 120Hz display launched starting at ₹10,499</a><a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/jiocinema-introduces-new-ad-free-premium-plans-starting-at-29/articleshow/109581033.cms" target="_blank">An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema</a>

In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn

Mumbai, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s forex reserves jumped USD 1.634 billion to USD 618.937 billion for the week ended January 12, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) said on Friday. In the previous reporting week, the overall reserves had declined sharply by USD 5.89 billion to USD 617.3 billion. The country's forex kitty had reached an all-time high of USD 645 billion in October 2021. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended January 12, the foreign currency assets -- a major component of the reserves -- increased USD 1.859 billion to USD 548.508 billion, the data said. 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. Gold reserves were down USD 242 million to USD 47.247 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 12 million to USD 18.31 billion, the <keyword id="20097680" type="General" weightage="20" keywordseo="apex-bank" source="keywords">apex bank</keyword> said. India's reserve position with the IMF increased USD 6 million to USD 4.872 billion in the reporting week, the RBI data added.

Forex reserves jump $1.63 billion to $618.9 billion

<ul class="summary-list"><li>Argentina leaned on its $18 billion currency swap line with China to cover part of an IMF payment, sources told Reuters.</li><li>This isn't the first time yuan was used to help meet IMF debt requirements.</li></ul>Argentina tapped its Chinese currency swap line to help cover part of an October payment that was due to the International Monetary Fund, a <a href="https://www.nasdaq.com/articles/argentina-used-china-yuan-swap-to-pay-the-imf-in-october-source" target="_blank" rel="noopener">source told Reuters on Tuesday</a>.Overall, Buenos Aires owed the lender 1.98 billion, or $2.6 billion, in so-called special drawing rights (SDR), which is an international reserve asset created by the IMF.Argentina had 1.4 billion in SDR available last month, and used Chinese yuan to help close the gap, according to Reuters.The payment covered maturities stemming from a $44 billion debt deal that Argentina holds with the IMF, one replacing a failed bailout program from 2018. Use of the yuan comes as the South American country continues to face depleted dollar reserves, which has forced the government to leaned on its $18 billion yuan swap line on other occasions this year. Between June and July, $2.8 billion worth of yuan was used to help meet IMF obligations.And as Argentina taps Chinese yuan to repay the IMF, it's also using IMF money to repay China.In August, Argentina repaid $1.7 billion to the People's Bank of China using a <a href="https://markets.businessinsider.com/news/currencies/argentina-yuan-borrowings-china-pboc-currency-swap-imf-bailout-repayment-2023-8">disbursement secured from the IMF</a>. Other lenders were also paid back, including Qatar and the Development Bank of Latin America.Meanwhile, daily yuan transactions in Argentina's foreign exchange markets hit a <a href="https://finance.yahoo.com/news/argentinas-chinese-yuan-soaring-dollars-010014589.html" target="_blank" rel="noopener">record of 28% in June</a>, while over 500 companies looked to purchase imports using the yuan. Still, the greenback remains popular among Argentine consumers, who are increasingly using it for daily transaction as hyperinflation erodes faith in the country's own peso.And the idea to dollarize Argentina's economy has taken center stage in its presidential elections, pushed by candidate Javier Milei. Though elections were held in October, the libertarian is facing a runoff with Economy Minister Sergio Massa on November 19.

Argentina used Chinese yuan for part of its payment to the IMF as US dollars remain scarce

<ul class="summary-list"><li>Argentina secured $7.5 billion from the International Monetary Fund on Wednesday.</li><li>Some of the funds will be used to partially pay China back, sources told Reuters.</li></ul>The $7.5 billion disbursement that Argentina secured from the International Monetary Fund this week will go towards partially repaying China for currency swap line borrowings, <a href="https://finance.yahoo.com/news/exclusive-argentina-imf-money-pay-184857435.html" target="_blank" rel="noopener">sources told Reuters</a>.As soon as this week, Argentina is expected to use some of its bailout money to funnel the equivalent of $1.7 billion back to the People's Bank of China, after tapping $2.8 billion from the swap line in recent months.The swap line, first established in 2009, has been a saving grace for Buenos Aires amid a severe dollar shortage and a financial crisis roiling its economy. Apart from helping meet repayment requirements on a separate 2018 IMF loan, the $18 billion line has also been used to pay for imports into Argentina. Argentina is also using the latest IMF disbursement to pay back other lenders. That includes $1 billion borrowed from the Development Bank of Latin America (also known as CAF), and $775 million in special drawing rights from Qatar."The funds that will be disbursed today go in part to Qatar, to CAF and will lower the level of how much has been used from the swap line. Qatar will be paid in SDRs, China in yuan," a source at Argentina's central bank told Reuters, adding that the CAF loan will be repaid in dollars.The IMF's board approved the disbursement on Wednesday, which is part of a $44 billion program that is mostly being used to pay off an earlier IMF bailout. The next review is scheduled for November. Fall will also be notable for Argentina's upcoming presidential election, with mounting uncertainty of how this may impact the country's commitment to pay back the IMF. Meanwhile, the eventual winner will also have to contend with the country's triple-digit inflation and a collapse in the local peso. Frontrunner Javier Milei has garnered support with an idea to <a href="https://markets.businessinsider.com/news/currencies/argentina-peso-usd-javier-milei-presidential-candidate-dollarize-economy-primary-2023-8?utm_medium=ingest&amp;utm_source=markets">ditch the peso for the US dollar</a>, though this would be met with a number of legislative challenges.

Argentina plans to repay some yuan borrowings from Chinese currency swap using IMF bailout money

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s forex reserves dropped by $1.318 billion to $593.749 billion for the week ended June 9, the <keyword id="6354335" type="General" weightage="80" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> said on Friday. The overall reserves had jumped by $5.93 billion to $595.067 billion for the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. For the week ended June 9, the foreign currency assets, a major component of the reserves, decreased by $1.128 billion to $525.073 billion, according to the <keyword id="513231" type="General" weightage="80" keywordseo="weekly-statistical-supplement" source="Orion">Weekly Statistical Supplement</keyword> released by the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> on Friday. 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. Gold reserves dropped by $183 million to $45.374 billion, the RBI said. The Special Drawing Rights (SDRs) were up by $2 million to $18.187 billion, the apex bank said. The country's reserve position with the IMF was down by $8 million to $5.115 billion in the reporting week, the apex bank data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/sensex-nifty-hit-all-time-highs-on-firm-global-equities-foreign-fund-inflows/articleshow/101047665.cms">Sensex, Nifty hit all-time highs on firm global equities, foreign fund inflows</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/felling-of-trees-should-be-last-resort-in-city-gasping-for-breath-delhi-hc/articleshow/101046861.cms">Felling of trees should be last resort in city gasping for breath: Delhi HC</a>

India's forex kitty declines by $1.32 billion to $593.75 billion

<ul class="summary-list"><li>The US dollar soared almost 5,000% versus Argentina's peso over the past decade, as the country faces a debt and inflation crisis.</li><li>That's fueling calls for the nation to dump the peso and adopt the greenback itself as its currency. </li></ul>Argentina's push to cut its reliance on the US dollar for trade and debt payments is facing headwinds from the deepening plunge of its own currency, the peso.The US currency rocketed 4,800% against its Argentine counterpart over the decade through June, and the trend has accelerated in recent years as the South American nation battled hyperinflation and mounting debt troubles. The country's external debt hit 45% of its GDP as of end-2022, CEIC data show. Consumer prices surged 114% in May from a year earlier.The exchange-rate and inflation crisis has fueled a campaign for Argentina to dump the peso, and adopt the US dollar itself as its currency. A leading proponent of this idea is presidential candidate <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-argentina-election-greenback-peso-inflation-javier-milei-2023-6#:~:text=%22Argentina%20is%20already%20dollarized%2C%20de,that%20Milei%20proposed%2C%20told%20Bloomberg.?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Javier Milei</a>. Veteran economist Steve Hanke said this week that "dollarization" is the only way out for Argentina from its debt trap.That flies straight in the face of the country's efforts to move away from using the greenback. Argentina just made a <a href="https://sputnikglobe.com/20230701/dedollarization-accelerates-as-argentina-makes-imf-payment-using-yuan-1111605999.html" target="_blank" rel="noopener">dollar-free debt payment</a> to the International Monetary Fund, using the Chinese yuan and the so-called special drawing-rights notes. The country is allowing yuan-based bank accounts and has discussed plans for a joint currency with Brazil, to be called the sur.Nations including China and Russia have been trying to detach themselves from the greenback's dominance, with Beijing pushing for the yuan to replace the US currency in oil trades. Moscow and Iran have been working on a gold-backed stablecoin, while India and United Arab Emirates are exploring doing non-oil trade in rupees.Meanwhile, the Argentine peso has tumbled 35% against the dollar so far this year, after a 44% drop in 2022.A weakening currency tends to worsen inflation because it typically leads to higher import prices, likely explaining Milei's dollarization suggestion. In Argentina's case, a crippling drought that hit the country's agricultural exports resulted in the nation depleting its US dollar reserves given it traded fewer crops in the greenback, leading to the worst dollar shortage since 2016. But with a trifecta of problems bombarding Argentina, it looks like dedollarization may not be an easy solution.

Dedollarization is under threat in Argentina after the US dollar zoomed 5,000% versus the peso over the past decade

<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s <keyword id="6358355" type="General" weightage="20" keywordseo="forex" source="Orion">forex</keyword> reserves dropped by USD 5.681 billion to USD 561.267 billion for the week ended February 17, the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> said on Friday. This is the third consecutive week of a drop in the reserves after the USD 8.319 billion decrease in the previous reporting week to USD 566.948 billion. In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. For the week ended February 17, the foreign currency assets, a major component of the reserves, decreased by USD 4.515 billion to USD 496.072 billion, according to the <keyword id="513231" type="General" weightage="50" keywordseo="weekly-statistical-supplement" source="Orion">Weekly Statistical Supplement</keyword> released by the RBI. 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. Gold reserves decreased for the third week running and were USD 1.045 billion down to USD 41.817 billion, the RBI said. The Special Drawing Rights (SDRs) were also down by USD 87 million to USD 18.267 billion, the apex bank said. The country's reserve position with the <keyword id="6355408" type="General" weightage="50" keywordseo="imf" source="Orion">IMF</keyword> was down by USD 34 million to USD 5.111 billion in the reporting week, the apex bank data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-open-in-green-amid-mixed-global-cues-psu-banks-metals-it-top-gainers/articleshow/98197776.cms">Markets fall for sixth straight session amid weak cues from Asian markets; metals lead sell-off</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/spicejets-q3-net-profit-jumps-162-to-110-crore-on-air-travel-recovery-shares-surge-13/articleshow/98211990.cms">SpiceJet’s Q3 net profit jumps 162% to ₹110 crore on air travel recovery, shares surge 13%</a>

India's forex reserves drop by USD 5.68 billion to USD 561.26 billion

<ul><li>The US dollar is king and its reign won't end any time soon, according to LPL's chief global strategist Quincy Krosby.</li><li>Recent currency moves by China and Russia have led to increased reports of a "de-dollarization" movement.</li><li>But there are 3 key reasons why the US dollar won't be dethroned, according to Krosby.</li></ul>Efforts by China to turn its yuan into a top global reserve currency <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-global-reserves-china-euro-russia-ukraine-war-greenback-2023-4">have sparked fears about the potential downfall</a> of the US dollar, but that's not happening any time soon according to one Wall Street strategist.As the world's second largest economy, China has been working towards <a href="https://www.businessinsider.com/dedollarization-countries-us-dollar-dominance-china-yuan-rmb-brics-currency-2023-5#1-russias-already-warming-up-strongly-to-the-yuan-snapping-up-three-times-more-of-the-currency-in-march-than-in-february-2">better incorporating its yuan currency into various facets of global trade</a> for years.In 2016, the yuan was added to the International Monetary Fund's Special Drawing Rights basket of currencies, which serve as a supplementary international reserve asset. Other currencies in the basket include the US dollar, the euro, the British pound sterling, and the Japanese yen.From there, <a href="https://www.businessinsider.com/dedollarization-countries-us-dollar-dominance-china-yuan-rmb-brics-currency-2023-5#1-russias-already-warming-up-strongly-to-the-yuan-snapping-up-three-times-more-of-the-currency-in-march-than-in-february-2">China aggressively sought out trade agreements</a> to help extend the global reach of the yuan, having struck deals with Russia, Saudi Arabia, Brazil and Italy, among others.One of China's key arguments when working with other countries is to "de-weaponize" the dollar, as the US has long used sanctions to target its adversaries, and those sanctions only work because of how globally entrenched the dollar is, with <a href="https://markets.businessinsider.com/news/currencies/3-reasons-us-dollars-dominance-against-other-currencies-wont-end-2023-4">the currency making up 60% of foreign exchange reserves.</a>China itself has been transitioning away from the US dollar, with the People's Bank of China stockpiling gold to an estimated 2,068 tons. But LPL's chief global strategist Quincy Krosby offered three reasons why the US dollar's reign as the world's top global reserve currency is here to stay in a Monday note, and the reasons are rather simple.For a currency to ascend to the ranking of the world's top global reserve currency, it requires the three following traits:<ul><li>Transparency</li><li>Reliability</li><li>Credibility</li></ul>Those are <a href="https://markets.businessinsider.com/news/currencies/3-reasons-us-dollars-dominance-against-other-currencies-wont-end-2023-4">three characteristics that the US dollar has</a> and the Chinese yuan doesn't have, and they're important because they offer stability to foreign holders. "The dollar's backing is exemplified by a sound foundation, a history of credibility, and transparency that cannot be negated by its detractors," Krosby said in a Monday note. "King dollar still reigns and will for the foreseeable future."The second biggest foreign currency is the euro, which since its inception in 1999 has become an important part of global trade and represents 20% of global currency reserves. But its ascent from 20% is likely limited "because of its fragmented political and economic structure," Krosby said.Finally, the Chinese yuan represents just 2.7% of foreign currency reserves, which is about half of the Japanese yen's 5.5% share. The yuan has a lot of work to do if it ever wants to rival the dollar, and until it gains those three key traits, it likely won't happen any time soon.

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India's forex reserves drop by USD 5.68 billion to USD 561.26 billion

PTI

King dollar will continue to reign supreme for 3 key reasons despite rising talk of de-dollarization

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