India's forex reserves rise sharply

ANI
25 Mar 2023, 19:18 GMT+10

New Delhi [India], March 25 (ANI): India's foreign exchange reserves rose sharply by USD 12.798 billion to USD 572.801 billion in the week ending March 17, according to the Reserve Bank of India's latest data.

During the prior week that ended on March 10, India's foreign exchange reserves declined by about USD 2.4 billion to USD 560.003 billion.

According to RBI's latest data, India's foreign currency assets, the biggest component of the forex reserves, rose by USD 10.485 billion to USD 505.348 billion.

Gold reserves during the latest week rose by USD 2.187 billion to USD 44.109 billion.

At the start of the last year 2022, the overall forex reserves were at about USD 633 billion. Much of the decline can be attributed to RBI's recent intervention and a rise in the cost of imported goods.

In October 2021, the country's foreign exchange reserves touched an all-time high of about USD 645 billion.

The forex reserves had been intermittently falling for months now largely because of the RBI's intervention in the market to defend the depreciating rupee against a surging US dollar.

Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.

The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band. (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 Kuala Lumpur Times.

More Information

27 ℃

Fair in Subang

International

Section

Indiana funeral director faces jail after police find unburied bodies

JEFFERSONVILLE, Indiana: Randy Lankford, owner of Lankford Funeral Home and Family Center in Jeffersonville, Indiana, has pleaded guilty to more ...

Judge says school has right to restrict student clothing at graduation

DENVER, COLORADO: A federal judge has ruled that a rural Colorado school district can ban a high school student from ...

Georgian billionaire wins $926 million from Credit Suisse in fraud

ZURICH, Switzerland: In one of the largest legal awards ever against Credit Suisse, the bank was ordered to pay $926 ...

China, South Korea seek to expand cooperation in chip sector

DETROIT, Michigan: Amid broader global concerns over semiconductor chip supplies, sanctions and national security, Chinese commerce minister Wang Wentao said ...

US Air chief General Charles Brown to become Chairman of Joint Chiefs

WASHINGTON D.C.: The White House announced this week that President Joe Biden has chosen US Air Force chief General Charles ...

Typhoon Mawar strikes Guam, much of island without power, water

GUAM: After Typhoon Mawar brought strong winds and torrential rains, large areas of the US Western Pacific territory of Guam ...

Asia

Section