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 Scandinavia 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 Scandinavia Times.
More InformationDUBLIN, Ireland: Dublin has unveiled a new 5.5 million euro cycle track along the south quays, enhancing safety and accessibility for...
ABOARD THE CHARLES DE GAULLE, Philippines: France's nuclear-powered aircraft carrier and its warships arrived in the Philippines over...
DUBLIN, Ireland: Dublin has been ranked as the second most expensive city for apartment construction among ten major European locations,...
DUBLIN, Ireland: Ireland is positioning itself to host a high-profile gathering of European leaders next year, with Tanaiste Simon...
BRUSSELS/LONDON: The European Commission is preparing to ease sustainability reporting requirements for businesses as part of a broader...
DUBLIN, Ireland: Ireland's rental market continued to tighten in 2024, with average rents rising by 5.7 percent over the year, according...
MEXICO CITY, Mexico: Three American women were found dead over the weekend at a beach resort in Belize, police said. Officials are...
BANGKOK, Thailand: Chinese authorities said they started live-fire military exercises in the Gulf of Tonkin this week, just days after...
ABOARD THE CHARLES DE GAULLE, Philippines: France's nuclear-powered aircraft carrier and its warships arrived in the Philippines over...
FRESNO, California: Fresno State suspended two of its top men's basketball players last weekend and removed a third player from the...
WARSAW, Poland: Deputy Prime Minister Krzysztof Gawkowski confirmed over the weekend that Poland has been covering the cost of Ukraine's...
Israel sustained the West's support for its slaughter in Gaza for 15 months only through an intensive campaign of lies. It invented...