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

Gautam Adani Hails Puri Lifeguards As Unsung Heroes During Rath Yatra Visit

Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…

2 hours ago

Acharya Pramod Krishnam Slams Congress Over ‘Internal Emergency’ Allegation

Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…

2 hours ago

MRM Meeting: Pledge for Global Peace, Green India, De-addiction & Democratic Integrity

Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…

2 hours ago

India To Host 2029 World Police & Fire Games; Amit Shah Hails Global Recognition

India has been chosen to host the prestigious 2029 World Police and Fire Games in…

3 hours ago

Seeing The Lord Among Devotees Is The Pinnacle Of Humility: Gautam Adani At Rath Yatra

Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…

5 hours ago

PM Modi Interacts With Group Captain Shubhanshu Shukla Aboard The ISS

PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…

6 hours ago