India's forex reserves dip by $1.77 billion; 9th weekly fall

ANI
14 May 2022, 13:48 GMT+10

Mumbai (Maharashtra) [India], May 14 (ANI): India's foreign exchange (forex) reserves dropped by $1.77 billion to $595.95 billion for the week ended May 6 dragged by a sharp drop in the country's foreign currency assets, the Reserve Bank of India (RBI) data showed.

This is the ninth weekly drop in the country's foreign exchange reserves. During the week ended April 29, the forex reserves had dipped by $ 2.695 billion to $597.728. This is the lowest level of India's forex reserves in a year. India's forex reserves have fallen sharply after touching an all-time high of $642.453 billion on September 3, 2021.

According to the Reserve Bank of India's weekly statistical supplement, India's forex reserves dipped by $1.774 billion to $595.954 billion during the week ended May 6.

India's foreign currency assets, which is the biggest component of the forex reserves, slumped by $1.968 billion to $530.855 billion during the week under review, the RBI data showed.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK's Pound Sterling and Japanese Yen held in the foreign exchange reserves.

India's reserve position in the International Monetary Fund (IMF) dropped by $11 million to $4.990 billion during the week ended May 6.

However, the value of gold reserves rose by $135 million to $41.739 billion during the week under review.

The value of India's Special Drawing Rights (SDRs) with the International Monetary Fund rose by $70 million to $18.370 billion during the week ended May 6, the RBI data showed. (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 Belfast Bulletin.

More Information

null in null

Northern Ireland

Section

Minister announces plan for better value for money and more appropriate Temporary Accommodation

Minister announces plan for better value for money and more appropriate Temporary Accommodation Date published: ...

Health Minister reaffirms commitment to reducing health inequalities

Health Minister reaffirms commitment to reducing health inequalities Date published: 26 March 2025 ...

Health Minister Mike Nesbitt says Northern Ireland's Community First Responders represent the "best of humanity"

Health Minister Mike Nesbitt says Northern Ireland's Community First Responders represent the best of humanity Date published:...

Work Quality in Northern Ireland Statistics - March 2025

Work Quality in Northern Ireland Statistics - March 2025 Date published: 26 March 2025 The latest...

Minister Kimmins visits Pound 33m Belfast Tidal Flood Alleviation Scheme

Minister Kimmins visits Pound 33m Belfast Tidal Flood Alleviation Scheme Date published: 26 March 2025 ...

Winners announced at the 2025 Northern Ireland Apprenticeship Awards

Winners announced at the 2025 Northern Ireland Apprenticeship Awards Date published: 26 March 2025 ...

International

Section