New Framework
The appointment of former Reserve Bank of India Governor Shaktikanta Das as “Principal Secretary-2” to Prime Minister Narendra Modi marks a significant shift in governance strategy.
India’s foreign exchange (forex) reserves depleted by $613.9 million during the week ended December 14, official data showed on Friday.
According to the Reserve Bank of India (RBI)’s weekly statistical supplement, the overall forex reserves decreased to $393.12 billion from $393.73 billion reported for the week ended December 7.
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India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and India’s position with the International Monetary Fund (IMF).
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FCAs, the largest component of the forex reserves, edged lower by $631.6 million to $367.86 billion during the week ended December 14.
Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies.
The RBI’s weekly data showed that the value of the country’s gold reserves rose by $37.2 billion to $21.187 billion.
However, the SDR value went down by $7 million to $1.45 billion, whereas the country’s reserve position with the IMF declined by $12.5 million to $2.617 billion.
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