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 Tennis Times.

More Information

null in null

Sports

Section

Ex-Indian coach Shastri earmarks young IPL quartet for greater international success

Mumbai (Maharashtra) [India], April 26 (ANI): Former Indian head coach Ravi Shastri named a few up-and-coming Indian youngsters performing...

IPL 2025: PBKS-KKR clash a battle of two inconsistent middle-order batting line-ups

Kolkata (West Bengal) [India], April 26 (ANI): The defending champions, Kolkata Knight Riders (KKR) and Punjab Kings (PBKS) middle...

"I observe Russell closely...": KKR's Rinku on learning from iconic West Indies all-rounder

Kolkata (West Bengal) [India], April 26 (ANI): Ahead of his side's Indian Premier League (IPL) clash against Punjab Kings (PBKS), Kolkata...

IPL 2025: Punjab Kings, at two ends of extreme during powerplay with bat and ball

Kolkata (West Bengal) [India], April 26 (ANI): As Punjab Kings (PBKS) take on defending champions Kolkata Knight Riders (KKR) in their...

"Punjab Kings is a strong side, I see them as contenders for playoffs": Ambati Rayudu ahead of PBKS vs KKR clash

New Delhi [India] April 26 (ANI): Former Indian cricketer Ambati Rayudu believes that Punjab Kings (PBKS) captain Shreyas Iyer will...

"It was awesome": Josh Allen reviews his fiancee Hailee Steinfeld's performance in 'Sinners'

Washington [US], April 26 (ANI): Actress Hailee Steinfeld is garnering attention for her performance in the latest film, 'Sinners',...

Lifestyle

Section