Foreign currency assets, a major component of the overall reserves, declined by $3.208 billion to $395.276 billion.
India's foreign exchange reserves dropped by $1.087 billion to stand at $529.99 billion for the week ended November 4 on a sharp decline in gold reserves, the Reserve Bank said on Friday. In the previous reporting week, the reserves had swelled by $6.561 billion to reach $531.08 billion, making it the biggest weekly jump in a year. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
In the previous week, total reserves dropped by $273.8 million to $312.382 billion.
Foreign exchange reserves have hit a fresh high.
India's foreign exchange reserves soared by $11.02 billion to reach $561.162 billion for the week ended December 2, Reserve Bank data showed on Friday. This is the fourth consecutive week of rise in the reserves. In the previous reporting week, the overall reserves had grown by $2.9 billion to $550.14 billion. For the week ended November 11, the forex kitty had jumped by $14.72 billion in its second fastest weekly acceleration ever.
Foreign currency assets increase by $3.902 billion
Last week, the forex reserves had surged by $2.374 billion to $363.171 billion.
India's foreign exchange reserves strengthened by $544.7 million to $275.35 billion on a healthy increase in the core currency assets in the week ended September 13.
India's foreign exchange reserves declined by a huge $2.23 billion to $275.49 billion on a sharp dip in the foreign currency assets, the Reserve Bank said on Friday.
The country's foreign exchange reserves rose by $1.434 billion in the week ended August 9, after dropping by $2.99 billion previous week, the Reserve Bank of India said.
The Reserve Bank on Thursday tightened norms for consumer credit as it asked banks and NBFCs to assign a higher risk weight for unsecured personal loans, a move aimed at making the lenders more cautious on such advances. The risk weight on unsecured consumer loans has been raised by 25 percentage points. The new regulations, however, will not be applicable on housing loans, education loans, vehicle loans and loans secured by gold and gold jewellery, the Reserve Bank said in a circular.
Indian reserves stood at $343 billion at the end of March 2015.
India's gold reserves were also up by $297.7 million to $19.33 billion
Country's foreign exchange reserves dropped by $2.063 billion to $ 335.729 billion in the week to March 13.
S&P Global Ratings on Thursday said about half of the Indian companies that it rates are getting a boost in their core profitability from rupee depreciation. "Much of our rated India corporate portfolio has sizable US-dollar linked revenue and, therefore, is not exposed to rupee depreciation. "This encompasses entities in the IT, metals, and chemicals sectors. About half of the firms we rate are getting an EBITDA boost from currency weakening," the US-based rating agency said in a report.
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In the previous week, total reserves increased by $950.9 million to $313.536 billion.
The reserves had jumped $2.03 billion to $277.38 billion in the previous week.
Gold reserves rose by $588.8 million to $21.566 billion, as per the RBI data.
India's foreign exchange reserves declined by $685.1 million to $274.81 billion in the week ended August 30 due to a dip in the foreign currency assets, the Reserve Bank said.
Suresh Prabhu on the priority being given to safety and the need for more funds for railways to move ahead.
After declining for three consecutive quarters, the value of FPI investment in Indian equities rose 8 per cent quarter-on-quarter to $566 billion in the July-September period, according to a Morningstar report on Wednesday. A fast-changing global macroeconomic landscape, sentiments and opportunities that the Indian equity markets have to offer impacted the direction of flows by Foreign Portfolio Investors (FPIs). Through the quarter, the value of the FPI holdings in domestic equities surged by 8 per cent to $566 billion from $523 billion recorded in the previous quarter.
What the reserves offer for now is improved import coverage of about 13 months, almost double the 2013 level of less than seven months. And, ammunition to arrest a rapid rupee slide, says Anup Roy.
The banking system's liquidity slipped into deficit for the first time in the current financial year (2023-24) due to the imposition of the Incremental Cash Reserve Ratio (I-CRR) for banks and outflows from goods and services tax (GST) payments, according to dealers. Reserve Bank of India (RBI) data shows it injected Rs 23,644 crore on August 21. The last time liquidity was in deficit was on March 27, when the RBI injected Rs 45,575 crore.
The depreciation in rupee may pose a problem for students who have taken loans from Indian lenders.
'Gold prices thrive on volatility and more so when the stock markets trend downward.'
India's forex exchange reserves increased by $289 million to $640.401 billion for the week ended November 19, the Reserve Bank said on Friday. The overall reserves had declined by $763 million to $640.11 billion in the previous reporting week. They had touched a life time high of $642.45 billion in the week ended September 3, 2021.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
In 2022, gold emerged as the top performer among all conventional asset classes with over 14 per cent returns mainly owing to the depreciation of the rupee.
FPIs have turned net sellers in 2022 after being net buyers in the last three years.
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With uncertainty looming large over Indian markets, retail investors can increase their exposure to US funds.
'To simply let the rupee depreciate to any level according to market forces will not be in the country's interests.'
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
Between April 2 and July 8 this fiscal, the rupee has plummeted by 12.81 per cent, and hit all-time low of 61.21 per cent on Monday.
The rupee depreciated 11 paise to a record low of 78.96 against the US dollar in opening trade on Wednesday, weighed down by persistent foreign capital outflows. At the interbank foreign exchange, the rupee opened on a weak note at 78.86 against the American dollar, then lost ground to quote at 78.96 -- its all-time low level, registering a fall of 11 paise from the last close. On Tuesday, the rupee plunged by 48 paise to close at record low of 78.85 against the US dollar.
India is expected to contribute 15 per cent to the global growth in 2023, an International Monetary Fund (IMF) official said on Tuesday. "Both India and China are expected to contribute 50 per cent of the global growth in the upcoming year (2023). "However, the share of India's contribution to global growth is expected to be around 15 per cent," Krishna Srinivasan, director, Asia and Pacific Department (APD) at IMF said at a roundtable with reporters from south Asian countries.
Following are the highlights of the Economic Survey 2022-23 tabled in Parliament on Tuesday
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
Of the 70 international feeder funds, more than half have made losses in 2014.
With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year ending in March 2023 to 6.7 per cent from its earlier projection of 5.8 per cent. For the next fiscal year too, the forecast has been revised upwards to 5.8 per cent from 5 per cent earlier.
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