back to top
BusinessForex kitty falls $325 million to $560.94 billion

Forex kitty falls $325 million to $560.94 billion

Date:

NL Corresspondent

 

's foreign exchange reserves dropped $325 million to $560.942 billion as of February 24, making it the fourth consecutive week of decline in the kitty, the Reserve Bank of India said on Friday.

In the previous reporting week, the overall reserves had declined $5.68 billion to $561.267 billion.

In October 2021, the forex kitty reached an all-time high of $645 billion.

The reserves have been declining as the central bank deploys the reserves to defend the rupee amid pressures due to various factors, mainly global developments.

For the week ended February 24, the foreign currency assets, a major component of the reserves, decreased $166 million to $495.906 billion, according to the Weekly Statistical Supplement released by the RBI.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves decreased for the fourth week running and were down $66 million to $41.751 billion.

The Special Drawing Rights (SDRs) also fell $80 million to $18.187 billion.

The country's reserve position with the IMF was down $12 million to $5.098 billion in the reporting week, as per the RBI data.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

PM Modi congratulates voters in J-K’s Anantnag-Rajouri LS constituency for record turnout

New Delhi, May 27: Prime Minister Narendra Modi on...

Sensex, Nifty hit new all-time highs

Mumbai, May 27: Benchmark equity indices Sensex and Nifty...

Big turnout reflects govt’s successful J&K policy, next step statehood: Amit Shah

New Delhi: Union Home Minister Amit Shah has said...