Tag: foreign exchange reserves

Forex reserves down by $1.169 billion to $637.477 billion, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


The country’s foreign exchange reserves dipped by USD 1.169 billion to stand at USD 637.477 billion in the week ended October 1, RBI data showed on Friday. In the previous week ended September 24, 2021, the reserves had declined by USD 997 million to USD 638.646 billion. The reserves had surged by USD 8.895 billion to a lifetime high of USD 642.453 billion in the week ended September 3, 2021.

During the reporting week ended October 1, 2021, the dip in the forex kitty was on account of a fall in the foreign currency assets (FCAs), a major component of the overall reserves.

FCAs declined by USD 1.28 billion to USD 575.451 billion, as per weekly data by the Reserve Bank of India (RBI).

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 were up by USD 128 million to USD 37.558 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined by USD 138 million to USD 19.24 billion.

The country’s reserve position with the IMF increased by USD 122 million to USD 5.228 billion.

Also read:

“Real GDP in the current fiscal year is expected to grow by 8.3%, which is consistent with the last forecast from June 2021, and a 1.8 percentage point downward revision from the forecast in March 2021,” said the World Bank’s Fall 2021 economic update for South Asia.

“The sequential momentum in growth has slowed down or moderated a bit in the September quarter; it is likely to pick up in the December and the March quarter starting with the festive season spends.”



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

RBI, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


MUMBAI: The country’s foreign exchange reserves surged to $576.98 billion as on March 31, 2021 from $544.69 billion at September-end last year, an RBI report said.

Foreign currency assets (FCA), a major component of the overall reserves, increased to $536.693 billion as at March-end 2021 from $502.162 billion, the report noted.

On balance of payments basis (excluding valuation changes), foreign exchange reserves increased by $83.9 billion during April-December 2020 as compared with $40.7 billion in the year-ago period, it said.

Foreign exchange reserves in nominal terms (including valuation changes) increased by $108 billion during April-December 2020 as against $47 billion in the corresponding period of 2019-20.

At the end of December 2020, the foreign exchange reserves cover of imports increased to 18.6 months from 17.1 months at September-end 2020, RBI said in its report on management of foreign exchange reserves — October 2020-March 2021, released on Wednesday.

The net forward asset (receivable) of the Reserve Bank in the domestic foreign exchange market stood at $68.2 billion as at March-end 2021.

As on March 31, 2021, the Reserve Bank held 695.31 metric tonnes of gold.

“While 403.01 metric tonnes of gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements (BIS), 292.30 tonnes of gold is held domestically,” the report said.

In value terms (USD), the share of gold in the total foreign exchange reserves decreased from about 6.69 per cent as at September-end 2020 to about 5.87 per cent as on March 31, 2021. Gold reserves stood at $33.88 billion at end-March 2021 as against $36.429 billion by September 2020, the report said.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,