Foreign exchange reserves drop $10.7 billion to $690.43 billion
The forex had hit an all-time high of $704.885 billion at the end of September.
The forex had hit an all-time high of $704.885 billion at the end of September.
India's foreign exchange (Forex) reserves stood above $700 billion for the second-consecutive week, data from the Reserve Bank of India (RBI) showed on Friday.
On August 2, the forex kitty had soared to a lifetime high of $674.9 billion after which it declined by $4.8 billion to $670.1 billion for the week ended August 9.
India's foreign exchange reserves reached a historical high of $ 675 billion, as of August 2, as overall, India's external sector remains resilient with key indicators continuing to improve, RBI Governor Shaktikanta Das said on Thursday.
India's foreign exchange reserves surged by $4.55 billion to touch a new lifetime high of 648.7 billion mark during the week ended May 17, according to the latest data released by the RBI on Friday.
In recent years, as Pakistan has hurtled from one catastrophe to another, remittances sent by Pakistani workers living abroad have been a source of some small amount of stability.
The government needs to deal with the foreign exchange crisis. Instead of denying the fact that a serious problem exists and hoping that hoped for future flows of foreign exchange would ease the situation, the government needs to take concrete steps to rectify the situation immediately. In a rationally argued position paper, the Pathfinder Foundation has recommended that the government goes to the IMF to secure financial assistance.
On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $748 million to $566.988 billion.
Global oil benchmark Brent crude futures rose 0.41 per cent to USD 68.74 per barrel.
ED sources also said the probe agency will impose a penalty and confiscate the illegal acquisition of foreign exchange recovered from J-K separatist leader Yasin Malik.
