Mumbai (Maharashtra) [India], August 27 (ANI): India’s overseas trade (foreign exchange) reserves dipped by $6.687 billion to $564.053 billion for the week ended August 19, the bottom stage in additional than two years, attributable to a pointy drop in overseas forex property because the RBI continues to intervene within the forex markets to defend the rupee.
As per the Reserve Bank of India’s weekly statistical complement, overseas forex property, that are the most important part of the foreign exchange reserves, fell by $5.779 billion to $501.216 billion through the week ended August 19.
This is the third weekly fall within the nation’s foreign exchange reserves. The foreign exchange reserves had slumped by $2.238 billion through the week ended August 12.
India’s overseas forex property had declined by $2.652 billion to $506.994 billion through the week ended August 12.
Expressed in US dollar phrases, the overseas forex property embody the impact of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling and Japanese Yen held within the overseas trade reserves.
For the week ended August 19, all elements of the nation’s foreign exchange reserves declined.
The worth of gold reserves fell by $704 million to $39.914 billion through the week underneath overview.
The worth of India’s Special Drawing Rights (SDRs) with the International Monetary Fund declined by $146 million to $17.987 billion through the week underneath overview, the RBI knowledge confirmed.
India’s reserve place within the International Monetary Fund (IMF) declined by $58 million to $4.936 billion through the week ended August 19, as per the RBI Weekly Statistical Supplement. (ANI)