Forex Reserves
India's FX reserves decline to near 5-month low of $656.58 bln as on Nov 22
This story was originally published at 19:03 IST on 29 November 2024
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NEW DELHI – India's foreign exchange reserves fell to a near five-month low of $656.58 billion in the week ended Nov. 22, primarily due to the central bank's active intervention through dollar sales in the domestic spot market. Revaluation losses also weighed on the reservsd.
The foreign exchange reserves fell by $1.31 billion during the week, declining for the eighth time in a row, data released by the Reserve Bank of India on Friday showed. The foreign exchange reserves have now declined by over $48 billion from the record high of $704.89 billion hit late September. The rupee remained unmoved in the week ended Nov. 22, in the face of foreign portfolio outflows and a globally strengthening dollar, as the central bank actively intervened in the spot market through dollar sales.
The reserves also declined due to revaluation losses after a jump in the US dollar during the period. The dollar index strengthened 0.8% in the week ended Nov. 22. Calculated in dollar terms, the foreign currency reserves also reflect the impact of appreciation or depreciation of non-US units like the euro, the pound sterling, and the yen held in the reserves.
Foreign currency assets fell by $3.04 billion to $566.79 billion as of Nov. 22. However, the portion of gold in the reserves jumped by $1.83 billion to $67.57 billion. End
US$1 = INR 84.48
Reported by Pratiksha
Edited by Tanima Banerjee
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