India’s current account deficit declines sharply to 1% of GDP: RBI data
The decline is driven by mainly due to lower merchandise trade deficit and growth in services exports, it added.
This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17.
India’s forex reserves spiked by $4.549 billion to touch a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.
This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17.
As per the RBI data, In the week ended May 10, foreign currency assets, a major component of the reserves, increased $3.361 billion to $569.009 billion.
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For the week ended April 5, the reserves had hit an all time high of $648.562 billion following multiple weeks of increases.
Further, the gold reserves increased $1.244 billion to $57.195 billion during the week. The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, RBI said.
India’s reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the data showed.
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