ANI
14 May 2022, 13:48 GMT+10
Mumbai (Maharashtra) [India], May 14 (ANI): India's foreign exchange (forex) reserves dropped by $1.77 billion to $595.95 billion for the week ended May 6 dragged by a sharp drop in the country's foreign currency assets, the Reserve Bank of India (RBI) data showed.
This is the ninth weekly drop in the country's foreign exchange reserves. During the week ended April 29, the forex reserves had dipped by $ 2.695 billion to $597.728. This is the lowest level of India's forex reserves in a year. India's forex reserves have fallen sharply after touching an all-time high of $642.453 billion on September 3, 2021.
According to the Reserve Bank of India's weekly statistical supplement, India's forex reserves dipped by $1.774 billion to $595.954 billion during the week ended May 6.
India's foreign currency assets, which is the biggest component of the forex reserves, slumped by $1.968 billion to $530.855 billion during the week under review, the RBI data showed.
Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK's Pound Sterling and Japanese Yen held in the foreign exchange reserves.
India's reserve position in the International Monetary Fund (IMF) dropped by $11 million to $4.990 billion during the week ended May 6.
However, the value of gold reserves rose by $135 million to $41.739 billion during the week under review.
The value of India's Special Drawing Rights (SDRs) with the International Monetary Fund rose by $70 million to $18.370 billion during the week ended May 6, the RBI data showed. (ANI)Get a daily dose of Central Coast News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Central Coast News.
More InformationWASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
WASHINGTON, D.C.: Elon Musk's entry into the political arena is drawing pushback from top U.S. officials and investors, as his decision...
CULVER CITY, California: TikTok is preparing to roll out a separate version of its app for U.S. users, as efforts to secure a sale...
Houston [US], July 13 (ANI): IAF Group Captain Shubhanshu Shukla, the first Indian astronaut to visit the International Space Station...
(Photo credit: Eric Canha-Imagn Images) In his 51st career start, Garrett Crochet accomplished two feats in one dominant outing:...