India’s foreign exchange reserves decline in the week ended May 15, according to Reserve Bank of India (RBI) data cited by multiple outlets. Total reserves fall by $8.09 billion to $688.89 billion. The drop is mainly attributed to foreign currency assets, the largest component of reserves, which decrease by $6.48 billion to $545.90 billion. Gold reserves also decline, falling by $1.54 billion to $119.32 billion. Special Drawing Rights (SDRs) ease by $49 million to $18.82 billion, and India’s reserve position with the International Monetary Fund (IMF) drops slightly by $25 million to $4.85 billion. In rupee terms, total forex reserves fall to Rs 66.11 lakh crore. Other reporting also notes earlier weeks in April and early May when reserves had risen to nearly $697 billion and had previously dropped due to declines in foreign currency assets and gold, as well as RBI intervention in the forex market to manage rupee volatility. Separately, one source refers to Prime Minister Narendra Modi’s appeals to conserve foreign exchange through reduced foreign travel, lower fuel use, and limiting gold purchases for a period.
India’s foreign exchange reserves fall to about $688.9 billion, RBI data show
India’s foreign exchange reserves decline in the week ended May 15, according to Reserve Bank of India (RBI) data cited by multiple outlets. Total reserves fall by $8.09 billion to $688.89 billion. Th...
- India’s total foreign exchange reserves fall by about $8.1 billion to $688.89 billion in the week ended May 15, RBI data show.
- Foreign currency assets decline by about $6.48 billion to about $545.90 billion; gold reserves also fall by about $1.54 billion to $119.32 billion.
- SDRs and India’s IMF reserve position decrease slightly in the same week.
- Earlier weekly data cited by outlets show reserves had risen to about $696.99 billion in the week ended May 8 and had previously dropped in the week ended May 1.
- RBI monitors exchange rate volatility and intervenes when required; earlier commentary links reserve movements to rupee pressure and RBI dollar sales.
India's forex reserves dropped USD 8.094 billion to USD 688.894 billion during the week ended May 15, the Reserve Bank of India (RBI) said on Friday. The overall reserves had jumped by USD 6.295 billion to USD 696.988 billion during the week ended May 8. The kitty had expanded to an all-time high of USD 728.494 billion during the week ended February 27 this year before the onset of the Middle East conflict which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales. Prime Minister Narendra Modi has also made multiple public appeals starting May 11 to countrymen to conserve forex by cutting down on foreign travel, limiting fuel use and refraining from gold buys for a year. For the week ended May 15, foreign currency assets, a major component of the reserves, decreased by USD 6.483 billion to USD 545.904 billion, the central bank's data showed. Expressed in dollar terms, the foreign currency assets inclu
3 months agoIndia’s foreign exchange reserves fell by $8.09 billion to $688.89 billion in the week ended May 15, according to data released by the Reserve Bank of India (RBI) on Friday.Foreign currency assets (FCAs), the largest component of the reserves, declined by $6.48 billion to $545.90 billion during the week.Gold reserves also fell by $1.54 billion to $119.32 billion.Special Drawing Rights (SDRs) slipped by $49 million to $18.82 billion during the reporting week.India’s reserve position with the International Monetary Fund (IMF) declined by $25 million to $4.85 billion.In rupee terms, the country’s total forex reserves declined by Rs 24,874 crore to Rs 66.11 lakh crore during the week ended May 15.On a year-on-year basis, India’s forex reserves were higher by $3.16 billion. Gold reserves rose by $38.10 billion compared with the corresponding period last year, while foreign currency assets were down by $35.75 billion.The Reserve Bank of India closely monitors the foreign exchange market and intervenes when required to curb excessive volatility in the rupee, while avoiding any fixed exchange rate target.
3 months agoIndia's foreign exchange reserves increased to $696.99 billion in the week ended May 8, led by a sharp rise in gold reserves, according to RBI data
3 months agoFor the week ended May 8, foreign currency assets, a major component of the reserves, increased by USD 562 million to USD 552.387 billion, the central bank's data showed.
3 months agoIndia's foreign exchange reserves declined to $690 billion in the week ended May 1, led by a fall in gold reserves and foreign currency assets, RBI data showed
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