The Reserve Bank of India has opposed Finance Minister P Chidambaram's budget proposal to use part of the foreign exchange reserves of over $200 billion to provide "credit wrap," or credit guarantee insurance, for financing infrastructure projects.
Foreign currency assets increase by $3.902 billion
India's foreign exchange reserves declined by $2.599 billion to $293.11 billion in the week ended January 3 on account of a fall in foreign currency assets, RBI said.
The Monetary policy committe comprising 6 members voted 6-0 in the favour of the rate cut.
Foreign exchange reserves have hit a fresh high.
The reserves growth picked up speed in the second quarter, with $178 billion added, ending the decline in the first two months when monthly exports tumbled to near a decade low, the apex bank, People's Bank of China said on Wednesday. China's huge stockpiles, which expanded by 17.84 per cent in the first half year on year, are more than double those of Japan, the second largest holding $1.02 trillion.
India's foreign exchange reserves fell by $481 million to $254.759 billion for the week ended January 9 from $255.240 billion in the previous week.During the period, the foreign currency assets (FCAs) also decreased by $458 million to $245.417 billion as against $245.417 billion in the previous week.
India's foreign exchange reserve went up by $3.59 billion to $254.05 billion during the week ended December 19, 2008 mainly on account of revaluation in foreign currency. The foreign currency assets rose by $3.58 billion to $ 245.30 billion, according to the latest data released by the Reserve Bank of India on Friday.
The Prime Ministry's Economic Advisory Council Chairman also said fiscal deficit is a concern too and suggested raising domestic oil prices to restrict it to the budget target of 4.8 per cent of the gross domestic product in this fiscal.
Foreign exchange reserves declined $1.156 billion to $142.618 billion for the week ended November 4, according to the weekly supplement released by the RBI.
Foreign exchange reserves increased $678 million to $143.774 billion for the week ended October 28, 2005, according to the weekly supplement released by the RBI on Friday.
Foreign currency assets, which stood at $236.971 billion in the previous week, went up to $238.968 billion this week, RBI data showed on Friday. Gold reserves, during the week, declined to $7.861 billion from $8.382 billion in the week before while the country's special drawing rights remained unchanged at $3 million, the data said.
India's foreign exchange reserves declined by a whopping $4.343 billion to $367.646 billion.
The country's gold reserves remained unchanged at $19.377 billion.
India's foreign exchange reserve fell by $5.01 billion to $246.35 billion during the week-ended November 14, 2008 as the Reserve Bank of India intervened in the markets to check steep depreciation of the rupee.
In a significant shift in its stance, the Reserve Bank of India the custodian of India's foreign exchange reserves has supported the proposal to set up a sovereign wealth fund (SWF). But, unlike other countries, including China, which recently set up a $200 billion fund, its focus will be limited to the infrastructure sector.
India's foreign exchange reserves rose by $631 million for the week ended April 24 to $253.091 billion from $252.460 billion in the previous week.
The capital flows have remained volatile in this financial year so far, and are lower than those in the corresponding period of 2007-08. This was mainly because of foreign institutional investors outflows of $7.3 billion till October 10 in FY09 in contrast to net inflows of $18.9 billion in the year-ago period, according to the central bank's report on macro-economic and monetary developments.
The government should set up a dedicated fund to rescue Indian agriculture.
Foreign exchange reserves zoomed from a meagre $2.427 billion to $172.782 billion for the week ended November 24, according to the weekly statistical supplement released by the Reserve Bank of India on Saturday.
In the previous reporting week, the reserves had surged by $954.6 million to $294.36 billion.
Foreign exchange reserves increased $1.558 billion to $143.148 billion for the week ended March 3
Foreign exchange reserves increased $350 million to $141.59 billion for the week ended February 24, according to the weekly supplement released by the Reserve Bank of India on Friday.\n
The country's foreign exchange reserves rose by $954.6 million to $294.36 billion on account of gains in the value of gold reserves, the Reserve Bank said.
India's foreign exchange reserves fell for the next time in a row by $2.58 billion to $ 252.18 billion in the week ended January 16, 2009 mainly due to revaluation of foreign currency and heavy pullout by the foreign institutional investors.
Foreign exchange reserves increased $2.146 billion to $139.352 billion for the week ended January 6, according to the weekly supplement released by the Reserve Bank of India.
India's foreign exchange reserves surged by $1.26 billion to $292.33 billion in the week ended February 7 on the back of a healthy increase in the currency assets, the Reserve Bank said.
The sales of construction companies are expected to rise in the current quarter and financial year on the back of strong order books and increased activity in infrastructure.
Foreign exchange reserves moved up $845 million to $143.943 billion for the week ended December 9, 2005, according to the weekly supplement released by Reserve Bank of India
The Reserve Bank has given an in-principle nod to invest $5 billion of foreign exchange reserves annually in infrastructure projects through two subsidiaries of India Infrastructure Finance Company.India's forex reserves stood at $266.52 billion as on November 2 and experts believe that they should be utilised at least for financing infrastructure projects.
Foreign exchange reserves increased $42 million to $143.059 billion for the week ended September 30, 2005, according to the weekly statistical supplement released by the RBI on Saturday.
Foreign currency assets shot up to $301.820 billion during the period, up $426 million from $301.394 billion, RBI said in its report in Mumbai on Friday. The FCAs expressed in dollar include the effect of appreciation or depreciation of non-US currencies such as euro, sterling and yen held in reserve, RBI said.
Russia and China have a broad consensus today on almost all core issues related to global strategic stability, which is unprecedented in modern history, observes Ambassador M K Bhadrakumar.
The rupee, which has been in virtual free fall over the past few days, recovered slightly to close at Rs 83.20 to the dollar in the inter-bank market after State Bank of Pakistan intervened by selling about USD 40 million in the foreign exchange market. Experts have attributed the fall of the rupee's value to speculation as well as a high demand for dollars from importers and general consumers.
India's foreign exchange reserves declined for the second consecutive week to $295.50 billion, down $12.6 million, in the week ended December 20, the Reserve Bank said.
The deficit increased to $ 57.2 billion or 2.1 per cent of gross domestic product (GDP) in 2018-19 as against 1.8 per cent in the previous year.
India's stock market is still ruling only marginally lower than a month ago.
In the wake of the Chinese war, it was felt in some circles that it would be feasible to make a frontal attack on demand for gold in India. Accordingly, the Gold Control Order 1962 was issued, banning the making and selling of jewellery above 14 carats, making it compulsory for gold smiths to be licensed and submit accounts of all gold received and utilized by them etc., The measures met with lot of resistance and criticism.
India's foreign exchange reserves are at a record high of $214.83 billion. Considering this rapid rise in country's forex reserves, the need to gauge adequacy of reserves has gained importance, said the RBI in its report on foreign exchange.
