iPhone | iPad
Android
Huawei
As customers adapt their lifestyles and shopping behaviours to suit the new market conditions, the Swedish retailer aims to extend its affordability initiative
KT APPDOWNLOAD
India’s forex reserves slump by $11.17 billion in steepest fall ever
The value of gold reserves drops by $507 million to $42.734 billion during the week
India’s foreign exchange (forex) reserves dipped by $11.17 billion in the week ended April 1, the steepest weekly fall ever, due to a sharp plunge in foreign currency assets, the Reserve Bank of India (RBI) data showed.
According to the RBI’s weekly statistical supplement, India’s forex reserves slumped by $11.173 billion to $606.475 billion for the week ended April 1. This is the highest decline in the country’s forex reserves ever.
This is the fourth consecutive week of decline in the country’s forex reserves as the RBI continues to intervene in the currency markets by way of dollar sales to prevent a slide in the value of the rupee amid the Russia-Ukraine conflict.
India’s forex reserves had declined by $2.03 billion to $617.648 billion during the week ended March 25.
The forex reserves have declined by over $26 billion in the past four weeks for which the official data is available.
The biggest drop has been in the country’s foreign currency assets. India’s foreign currency assets dipped by $10.727 billion to $539.727 billion during the week ended April 1, 2022.
ALSO READ:
The foreign currency asset is the biggest component of the forex reserves. Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like the euro, UK’s pound sterling and the Japanese yen held in the foreign exchange reserves.
The value of gold reserves dropped by $507 million to $42.734 billion during the week under review.
The other two components of the forex reserves increased marginally. The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $58 million to $18.879 billion.
India’s reserve position in the IMF rose by $4 million to $5.136 billion during the week ended April 1, the RBI data showed.
More news from
Experts from the authority, led by Captain Hamdan Ahli, uncovered the mystery behind the theft and exposed the mastermind behind it
The UAE and Israel collaboration on technology can lead to the development of innovative solutions
Nasser Al-Attiyah, five-time Dakar Rally champion, won the men's skeet team silver and skeet individual bronze in Hangzhou
An alternative aircraft is being organised to get passengers to the UAE
A visionary scientist and global leader Dr Reji Kurien Thomas says COP28 is a critical opportunity for the world to come together and take action on climate change
Ranju Singh and her spouse are planning to go the US to meet their son who is studying there
Explore the journey of Sanjeev Bhalla, a seasoned business luminary, and his transformative impact on Accuro, pioneering technological integration and driving the company towards industry leadership