ANI
27 May 2023, 00:27 GMT+10
Mumbai (Maharashtra) [India], May 26 (ANI): 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)
Get a daily dose of Sierra Leone Times 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 Sierra Leone Times.
More InformationNEW YORK CITY, New York: Before the start of its annual Worldwide Developers Conference this week, Apple shares hit a ...
FREMONT, California: Elon Musk's brain implant startup Neuralink, valued at some $2 billion during a private fundraising round two years ...
NEW YORK, New York - U.S. stocks moved higher Thursday as investors and traders took a break from their recent ...
LISBON, Portugal: Carsten Spohr, Chief Executive of Lufthansa, has said that as Portugal's government is still debating whether to sell ...
NEW YORK, New York - U.S. stocks were divided on Wednesday, with the technology and industrial sectors parting ways.Tech stocks ...
HOLLYWOOD, California: More than tripling the debut of its 2018 animated original predecessor, Sony Pictures' "Spider-Man: Across the Spider-Verse" opened ...
New Delhi [India], June 9 (ANI): Germany's Minister of Economic Cooperation and Development Svenja Schulze arrived in India on Friday ...
The winter months are synonymous with the flu in South Africa. Similar to other countries in the southern hemisphere, South ...
BusinessWire IndiaLusaka [Zambia]/ Mumbai (Maharashtra) [India], June 9: Merck Foundation, the philanthropic arm of Merck KGaA Germany, in partnership with ...
NEW YORK - Images of smoke obscuring the New York skyline and the Washington Monument this week have given the ...
The external affairs minister has cleared the air about the Ukrainian president's participation in the September summitIndia, which holds the ...
GLOBAL PR CONNECT (GPRC)New Delhi [India], June 9: Bird ExecuJet Airport Services Private Limited was named the sole General Aviation ...