India

India’s forex reserves rose USD 2.8 bln to USD 606.9 bln last week: RBI

India’s overall foreign exchange reserves rose USD 2.816 billion to USD 606.859 billion in the week that ended on December 8, 2023, data released by the Reserve Bank of India on Friday showed.

India’s foreign currency assets, the biggest component of the forex reserves, rose USD 3.089 billion to USD 536.699 billion, the central bank’s weekly statistical data showed.

Gold reserves during the week, however, declined by USD 199 million to USD 47.130 billion.

Prior to December 8 week, India’s total foreign exchange reserves rose by USD 6.107 billion to USD 604.042 billion.

In October 2021, the country’s Beforeforeign 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 relative fall in forex reserves was largely because of the RBI’s intervention in the market to defend the subsequent depreciation in rupee against a surging US dollar.

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)

Also Read: NHRC sends notice to Karnataka Government over woman stripped-paraded naked in Belagavi 

Bharat Express English

Recent Posts

Flood Alert In PoK’s Muzaffarabad After Alleged Jhelum Water Release

A flood alert was issued across Muzaffarabad on Saturday after locals reported a sudden rise…

39 mins ago

Zelensky, Trump Hold Talks In Rome Ahead Of Pope’s Funeral; Discuss Ceasefire & Peace

US President Donald Trump and Ukrainian President Volodymyr Zelensky met in Rome on Saturday ahead…

1 hour ago

Pahalgam Terror Attack: Ishan Educational Institutions Organises Protest Against Terrorism

Ishan Educational Institutions, Greater Noida, today organised a peaceful protest march condemning the recent terror…

2 hours ago

Complete Ban On Drone Flights Over Noida International Airport ‘Red Zone’

Authorities have imposed a complete ban on the operation of drones and UAVs over and…

3 hours ago

Pak Army Chief Munir Revives Two-Nation Theory Amid Tensions With India

Pakistan Army Chief General Syed Asim Munir reignited controversy on Saturday by invoking the two-nation…

3 hours ago

Pope Francis Funeral: President Murmu & PM Modi Pay Final Tributes

Pope Francis, the first Latin American pontiff, was laid to rest in a humble ceremony…

4 hours ago