The depreciation of the Indian rupee is more on account of the appreciation of US dollar rather than weakness in macroeconomic fundamentals of the Indian economy.
In the reporting week ended July 1, the Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dropped by USD 77 million to USD 18.133 billion, RBI said.
According to analysts, a likely intervention by the Reserve Bank of India to arrest the sharp fall in rupee value against the US dollar depleted the reserve.
Robust capital flows into India resulted in an overall balance of payments (BoP) surplus of $63.1 billion in H1FY22, the Economic Survey 2021-22 said
India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs and the country's reserve position with the International Monetary Fund (IMF).
FCAs declined by USD 3.365 billion to USD 573.009 billion.
New Delhi: India’s forex reserves have now become the fourth largest in the world at $580.3 billion surpassing Russia. Emerging markets have been building reserves to guard against volatility due to Covid aftershocks. Reserves for India and Russia have plateaued rising for months. India pulled ahead as Russian holdings declined at a faster rate. India’s […]
Mumbai: India’s foreign exchange reserves rose $4.277 billion to a lifetime high of USD 572.771 billion in the week ended November 13, RBI data showed on Friday. According to the Reserve Bank of India’s weekly statistical supplement, reserves increased to $572.771 billion from $568.494 billion reported for the week ended November 6. In the previous […]
Mumbai: India’s forex reserves declined by USD 388 million to USD 428.572 billion for the week ended September 20 due to a slide in core currency and gold assets, the Reserve Bank said on Friday. The overall reserves had declined by USD 649 million to USD 428.960 billion in the previous reporting week. They had […]
Mumbai: India’s foreign exchange (forex) reserves declined by $2.12 billion during the week ended February 8, official data showed on Friday. According to the Reserve Bank of India (RBI)’s weekly statistical supplement, the overall forex reserves decreased to $398.12 billion from $400.24 billion reported for the week ended ended February 1. India’s forex reserves comprise […]
Mumbai: The Reserve Bank of India (RBI) should intervene in both spot and forward markets to arrest Indian rupee’s depreciation, suggested a State Bank of India (SBI) Ecowrap report on Tuesday. As per the report, during the June 2008 to May 2009 period, when rupee depreciated by 13 per cent, the RBI sold dollars worth […]
New Delhi: A day after the rupee fell to its record low, Union Minister Arun Jaitley said on Wednesday that India holds sufficient foreign exchange reserves to mitigate any undue volatility in the foreign exchange market. Geo-political pressures, along with outflows of foreign funds and high crude oil prices dragged the Indian rupee to its […]