India's forex reserves dip by $1.77 billion; 9th weekly fall

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)

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 Manufacturing Mirror.

More Information

null in null

Small Business

Section

UAE-funded maternity clinics bringing hope to Afghan families

Jalalabad [ Afghanistan], June 30 (ANI/WAM): The UAE-funded maternity clinics are bringing hope to Afghan families. In Jalalabad, Nangarhar...

Head Constable of Delhi Police suffers from chest pain after being caught red-handed while taking bribe

New Delhi [India], June 30 (ANI): A Head Constable of Delhi Police, currently under treatment at Burari Hospital, suffered chest pain...

Why the next revolution in this country might start in a cathedral

Armenias ancient church finds itself at the center of a political storm as the government cracks down on dissent within its ranks ...

Madhya Pradesh CM holds roadshow in Surat, secures Rs 15,710 cr investment proposals

Surat (Gujarat) [India], June 29 (ANI): Madhya Pradesh Chief Minister Mohan Yadav on Sunday held a roadshow in Gujarat's Surat, aimed...

Kremlin weighs in on unrest in Armenia

The former Soviet republic has arrested several clerics amid a stand-off with the opposition ...

UP: CM Yogi Adityanath pays tribute to philanthropist, Bhamashah; honors top tax-paying traders

Lucknow (Uttar Pradesh) [India], June 28 (ANI): Chief Minister Yogi Adityanath paid tribute to philanthropist and businessman Bhamashah...

Automotive

Section

"Double engine sarkar is truly delivering for Andhra": Union Civil Aviation Minister Ram Mohan Naidu on revival of Vizag Steel Plant

New Delhi [India], June 28 (ANI): Union Civil Aviation Minister Ram Mohan Naidu on Saturday expressed his happiness over the revival...