India's forex reserves slump by $2.67 billion; 10th weekly fall

ANI
20 May 2022, 20:48 GMT+10

Mumbai (Maharashtra) [India], May 20 (ANI): India's foreign exchange (forex) reserves declined by $2.676 billion to $593.279 billion for the week ended May 13, the Reserve Bank of India (RBI) data showed on Friday.

This is the 10th weekly drop in the country's foreign exchange reserves. During the week ended on May 6, the forex reserves had dipped by $1.77 billion.

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, all the components of the forex reserves declined during the week ended May 13 led by a sharp drop in the foreign currency assets.

India's foreign currency assets, which are the biggest component of the forex reserves, fell by $1.302 billion to $529.554 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.

The value of gold reserves slumped by $1.169 billion to $40.57 billion during the week under review.

India's reserve position in the International Monetary Fund (IMF) dropped by $39 million to $4.951 billion, and the value of India's Special Drawing Rights (SDRs) with the International Monetary Fund dipped by $165 million to $18.204 billion during the week ended May 13, 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 International Travel News.

More Information

null in null

Business

Section

Nvidia execs sell $1 billion in stock as AI boom drives record prices

SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...

Tech stocks slide, industrials surge on Wall Street

NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...

Canada-US trade talks resume after Carney rescinds tech tax

TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...

Lululemon accuses Costco of selling knockoff apparel

Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...

Shell rejects claim of early merger talks with BP

LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...

Wall Street extends rally, Standard and Poor's 500 hits new high

NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...

Travel and Tourism

Section