100s of titles, one news app for just $10 a month.
Dive Deeper:
India's forex reserves decline by $28.05 bn in second half of FY22: RBI report
As of March 31, 2022, foreign exchange assets stood at $540.72 billion, while gold reserves are at $42.55 billion and…
Explained: What led to record fall in rupee and how it may affect economy
NEW DELHI: The see-sawing rupee has given Indian investors a tough time in the past few days. On Monday, the…
Data | Hitting record lows: What is driving the rupee’s fall?
Foreign outflows and elevated oil prices are the two factors that have accelerated the rupee’s fall
A weakening balance sheet may explain RBI’s rate actions
Inflation is too high but its moves could’ve been forced by a need to shore up the value of its…
One subscription that gives you access to news from hundreds of sites
Soaring inflation gives investors the jitters, stocks continue dive
Fears of aggressive interest rate hikes by the US Federal Reserve following unexpectedly high inflation in the world’s largest economy…
Rupee slips 5 paise to close at all-time low of 77.55 per dollar
MUMBAI: The rupee pared its initial gains and settled 5 paise lower at its fresh lifetime low of 77.55 against…
Get all your news in one place
Latest Business news:
Age of Scarcity Begins With $1.6 Trillion Hit to World Economy
New fault-lines are likely to outlast war and plague — leaving the global economy smaller and prices higher.
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
Sydney-based startup Space Machines Company partners with SpaceX
Sydney-based in-space logistics startup Space Machines Company has partnered with Elon Musk’s SpaceX to launch its spacecraft next year. Space…
How a Trash-Talking Crypto Bro Caused a $40 Billion Crash
Do Kwon, a trash-talking entrepreneur from South Korea, called the cryptocurrency he created in 2018 “my greatest invention.” In countless…
Google’s Russian business plans to file for bankruptcy
Google says its Russian subsidiary is planning to file for bankruptcy because it can't pay staff and suppliers. Russian state…
SA moves to scrap tax on electric vehicles
South Australia's new Labor government has delivered on one of its election promises and moved to scrap plans for a…
From analysis to good news, read the world’s best news in one place
Crypto billionaire Sam Bankman-Fried: ‘I got involved with no clue what a blockchain was’
The FTX founder on hype, the problem with bitcoin and how crypto can build a fairer financial system
Wall Street stocks tumble following weak results from retailers
New York (AFP) - Wall Street stocks suffered one of their worst batterings since 2020 on Wednesday, as downcast earnings…

India's forex reserves fall $1.774 billion to $595.954 billion

By PTI

MUMBAI: India's forex reserves declined by $1.774 billion to $595.954 billion for the week ended May 6 on the back of a fall in the core currency assets, according to Reserve Bank of India (RBI) data released on Friday.

In the previous reporting week, the overall reserves had declined by $2.695 billion to $597.728 billion, falling below the $600 billion mark.

At a time when the currency is under pressure due to heavy outflow by foreign investors, RBI is reportedly intervening across all markets to defend the currency. The foreign exchange reserves declined by $28.05 billion in the six months to March 2022.

During the reporting week, the fall in the reserves was on account of a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, as per RBI's weekly data.

FCA dropped by $1.968 billion to $530.855 billion in the week ended May 6.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased by $135 million to $41.739 billion in the reporting week, the data showed.

The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) jumped by $70 million to $18.370 billion.

The country's reserve position with the IMF decreased by $11 million to $4.99 billion in the reporting week, the data showed.

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
India's forex reserves decline by $28.05 bn in second half of FY22: RBI report
As of March 31, 2022, foreign exchange assets stood at $540.72 billion, while gold reserves are at $42.55 billion and…
Explained: What led to record fall in rupee and how it may affect economy
NEW DELHI: The see-sawing rupee has given Indian investors a tough time in the past few days. On Monday, the…
Data | Hitting record lows: What is driving the rupee’s fall?
Foreign outflows and elevated oil prices are the two factors that have accelerated the rupee’s fall
A weakening balance sheet may explain RBI’s rate actions
Inflation is too high but its moves could’ve been forced by a need to shore up the value of its…
One subscription that gives you access to news from hundreds of sites
Soaring inflation gives investors the jitters, stocks continue dive
Fears of aggressive interest rate hikes by the US Federal Reserve following unexpectedly high inflation in the world’s largest economy…
Rupee slips 5 paise to close at all-time low of 77.55 per dollar
MUMBAI: The rupee pared its initial gains and settled 5 paise lower at its fresh lifetime low of 77.55 against…
Get all your news in one place