India’s forex reserves rise to 573.72 bln USD
MUMBAI, Jan. 28– India’s foreign exchange reserves rose by 1.72 billion U.S. dollars to 573.72 billion dollars during the week ended Jan. 20, revealed the data released by the country’s central bank, the Reserve Bank of India, late on Friday. This was the second consecutive week when India’s forex reserves rose. India’s forex reserves have been declining as the RBI…
MUMBAI, Jan. 28 (Xinhua) — India’s foreign exchange (forex) reserves rose by 1.72 billion U.S. dollars to 573.72 billion dollars during the week ended Jan. 20, revealed the data released by the country’s central bank, the Reserve Bank of India (RBI), late on Friday.
This was the second consecutive week when India’s forex reserves rose. It had risen by 10.41 billion dollars during the preceding week.
Foreign Currency Assets, a major component of the forex reserves, rose by 839 million dollars to 506.35 billion dollars. Gold Reserves continued to rise, jumping by 821 million dollars to 43.712 billion dollars, the RBI data revealed.
It added that the Special Drawing Rights were up by 68 million dollars to 18.43 billion dollars.
In October last year, the forex reserves reached an all-time high of 645 billion dollars.
India’s forex reserves have been declining as the RBI deployed them to defend the Indian Rupee, which has been falling due to global developments such as a strengthened U.S. dollar, the Ukraine conflict and oil prices, said a media report. Enditem