The country's reserves were $545.65 billion at the end of the previous week. Reserves have now fallen for eight straight weeks and are near their lowest levels since August 2020.
In January 1st week, India had forex reserves worth $633 bn, indicating a fall of over $82 billion so far. Forex depletion means RBI's been selling dollars to tackle falling rupee.
RBI hopes to boost forex inflows and stem rupee slump. But rupee likely to remain under pressure amid tighter global financial conditions & interest rate hikes by US Fed.
The Ukraine war has exposed the imbalance in the global financial system run primarily by the West. When the West decides the course of a currency, others must take it as given.
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RBI allowed lenders to offer derivative products this month. Banks like ICICI Bank & Axis Bank sold barrier forex options to customers including Reliance Industries & Supreme Petrochem.
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According to the Reserve Bank of India's weekly data, the increase in foreign exchange reserves was due to the surge in foreign current assets (FCA) that rose by $463 million.
The hoard may help reassure investors and credit-rating companies about the Modi government’s ability to meet its debt obligations despite a deteriorating fiscal outlook.
While releasing 'India Employment Report 2024', V Anantha Nageswaran said govt can't solve 'all social, economic challenges'. Congress leader Kharge says CEA protecting 'dear leader'.
In an interview with Gulistan News this week, Union Home Minister Amit Shah said the government would leave law and order to J&K Police and slowly withdraw troops.
The ‘idea’ Kejriwal's politics grew around was a no-holds-barred fight against corruption. That is the reason Modi govt has now tarred him and his entire party with the same paint.
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