Legal tech has great potential for India
The evolving landscape of the legal tech industry in India presents myriad opportunities for lawyers to expand their expertise, says Monica Mallela.
India’s foreign exchange (forex) reserves dropped by $4.854 billion to $532.664 billion for the week ended September 30, as the Reserve Bank of India (RBI) weekly data showed on Friday. This is the ninth straight weekly drop. With this drop, It has hit its lowest level since July 2020.
The foreign reserve has seen a fall because RBI has used it to defend the rupee against the dollar. The fall is partly due to the depreciation of RBI’s holdings in other major global currencies.
Advertisement
As per the Reserve Bank of India’s weekly statistical supplement, foreign currency assets, which are the biggest component of the forex reserves, dipped by $4.406 billion to $472.807 billion during the week ended September 30.
Advertisement
Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like the Euro, UK’s Pound Sterling, and Japanese Yen held in the foreign exchange reserves.
The value of gold reserves dropped by $281 million to $37.605 billion during the week ended September 30.
The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund declined by $167 million to $17.427 billion during the week under review, the RBI data showed.
However, India’s reserve position in the International Monetary Fund (IMF) remained unchanged at $4.826 billion during the week ended September 30, as per the RBI Weekly Statistical Supplement.
(with inputs from Agencies)
Advertisement
