India’s foreign exchange reserves stay above $700 bn
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.
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.
India’s forex reserves contracted by USD 3.7 billion to USD 701.18 billion as of October 4, data shared by the Reserve Bank of India said on Friday.
India's forex reserves increased by $2.299 billion to a new high of $683.98 billion for the week ended August 30, the Reserve Bank of India (RBI) data 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 jumped by $5.16 billion to scale a lifetime high of $657.16 billion during the week ended July 5, according to RBI data released on Friday.
India's foreign exchange reserves declined by USD 8.319 billion to USD 566.948 billion in the week ending on February 10, according to the Reserve Bank of India's latest data.
The fall for the second straight week was mainly due to a decline in the foreign currency assets, which dropped $7.1 billion to $500.59 billion.
The foreign exchange reserves held by the State Bank of Pakistan (SBP) have plunged to precarious levels as the cash-strapped nation desperately seeks to revive the stalled bailout programme of the International Monetary Fund (IMF), local media reported.
Textile millers and garment exporters also bought raw materials in additional quantities thanks to a brighter outlook of the garment trade because of the global recovery from the severe fallout of Covid-19.
The Government has been promoting the with the aim to enhance India's energy security, reduce import dependency on fuel, save foreign exchange and address environmental issues.
