Wednesday, July 17, 2024
News

India's forex reserves decline over USD 6 billion in week ended May 19

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Mumbai (Maharashtra) | May 26, 2023 8:10:20 PM IST
India's overall foreign exchange reserves declined USD 6.05 billion to USD 593.477 billion in the week that ended on May 19, 2023, data released by Reserve Bank of India on Friday showed.

Last week, it was near USD 600 billion and had hit a one-year high.

India's foreign currency assets, the biggest component of the forex reserves, declined by USD 4.65 billion to USD 524.945 billion.

Gold reserves during the latest week declined by USD 1.22 billion to USD 45.127 billion.

In October 2021, the country's foreign exchange reserves touched an all-time high of about USD 645 billion.

Much of the decline since then can be attributed to a rise in the cost of imported goods in 2022.

Also, the forex reserves had fallen largely because of the RBI's intervention in the market to defend the depreciating rupee against a surging US dollar.

Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.

The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band. (ANI)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Asia Pacific Property Awards Recognizes ...
PM Modi hails the success of 'Make In In...
Bajaj Markets Simplifies Credit Monitori...
'The Right Life' Township by MANA & ...
MOURI Tech & Vertisystem Unite with ...
Introducing BEAUTY&YOU India 2024: F...
More...
 
INDIA WORLD ASIA
Bihar: Deranged lover stabs to death two...
ED arrested Sanjay Badaya in connection ...
Doda encounter: Exchange of fire takes p...
Badrinath-Kedarnath Temple Committee Cha...
Andhra: Family mourns brave soldier kill...
PM Narendra Modi greets people on occasi...
More...    
 
 Top Stories
US Defence Secretary discusses host... 
James Anderson to act as bowling me... 
UAE-Indonesia: 47 years of cooperat... 
UAE Embassy urges Emiratis in Ottaw... 
Gujarat CM sanctions Rs 1,470 cr fo... 
More trouble for Khedkar family as ... 
Pop band Cigarettes After Sex set f... 
Delhi: Huge fires break out at Nare...