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India’s foreign exchange reserves dip by $5.9 billion to $590.59 billion

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Mumbai (Maharashtra) [India], June 25 (ANI): India’s overseas trade (foreign exchange) reserves slumped by $5.87 billion to $590.588 billion for the week ended June 17 as overseas portfolio traders pulled cash out of the Indian equities amid mounting considerations of worldwide recession, the Reserve Bank of India (RBI) information confirmed.

The nation’s foreign exchange reserves had dropped for the third consecutive week. It has slumped by $10.785 billion previously three weeks beneath evaluation. The foreign exchange reserves had declined by $4.59 billion within the week ended June 10, 2022.

According to the Reserve Bank of India’s weekly statistical complement, India’s overseas foreign money property, that are the most important element of the foreign exchange reserves, slumped by $5.362 billion to $526.882 billion in the course of the week ended June 17. The overseas foreign money property had dipped by $4.53 billion within the earlier week.

Expressed in US dollar phrases, the overseas foreign money 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.

All parts of the nation’s overseas trade reserves declined in the course of the week beneath evaluation.

The worth of gold reserves fell by $258 million to $40.584 billion in the course of the week ended June 17.

The worth of India’s Special Drawing Rights (SDRs) with the International Monetary Fund fell by $233 million to $18.155 billion in the course of the week beneath evaluation, the RBI information confirmed.

India’s reserve place within the International Monetary Fund (IMF) dropped by $17 million to $4.968 billion in the course of the week ended June 17, as per the RBI Weekly Statistical Supplement. (ANI)

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