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

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)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Australian Herald.

More Information

17 ℃

Mostly Cloudy in Sydney

International

Section

Japan: PM's son resigns for holding party at official residence

TOKYO, Japan: After coming under public criticism for using Japanese Prime Minister Fumio Kishida's residence for a private party, his ...

Remains identified of US pilot from Pennsylvania killed during WWII

WASHINGTON D.C.: The Defense POW/MIA Accounting Agency has announced that 2nd Lt. James Litherland of South Williamsport, Pennsylvania, an Army ...

ACC sues Dr. Yunus, 12 others over embezzlement of $2,351,758

DHAKA, Bangladesh - The Anti-Corruption Commission (ACC) has filed a case against 13 members of Grameen Telecom's board of directors, ...

Washington coordinates 14-country supply chain agreement

WASHINGTON D.C.: The U.S. Commerce Department has said that trade ministers from 14 countries have taken part in the US-led ...

Injuries at Churchill Downs sees 12 horses dead in month

LOUISVILLE, Kentucky: Two horses that succumbed to their injuries at Churchill Downs have become the 11th and 12th fatalities over ...

Musk's Neuralink to begin trial human brain implants

FREMONT, California: Brain implant company Neuralink announced that it has received approval from US regulators to begin human brain implant ...

Sydney

Section