India, UAE discuss ambitious economic corridor project
The corridor is considered a major initiative aimed at improving maritime connectivity and trade between India, the UAE, and Europe.
India’s forex reserves dropped by USD 3.235 billion to USD 654.857 billion for the week ending December 6.
As per the RBI data, in the previous reporting week, the reserves had increased by USD 1.51 billion to USD 658.091 billion, ending a multi-week decline in the overall kitty.
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For the week ended December 6, foreign currency assets decreased by USD 3.228 billion to USD 565.623 billion.
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Notably, the forex reserves had increased to an all-time high of USD 704.885 billion in end-September.
Further, the data said the gold reserves decreased by USD 43 million to USD 66.936 billion during the week.
In a separate development, a report by World Gold Council (WGC) said that so far in 2024, the gold prices have climbed over 30% to Rs 7,300 per gram in the Indian markets, and are set for their best calendar year performance in 10 years.
It said that the gold prices are up 28% in USD till November-end.
As per the data by the National Securities Depository Limited, the foreign investors pulled out Rs 21,612 crore ($ 2.56 billion) from the Indian equity market in November.
The sale was mainly due to the rising US bond yields, strengthening dollar and expectation of a slowdown in the domestic economy.
With the latest pull out, Foreign Portfolio Investors (FPIs) have experienced total net outflow of Rs 15,019 crore in 2024 so far.
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