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India’s forex reserves declines $2.33 billion to $590.70 billion says RB

Indian foreign exchange reserves declined by USD 2.335 billion to USD 590.702 billion for the week ending September 22, 2023, according to the Reserve Bank of India. The central bank’s rupee defense amid global events drained reserves..

India’s foreign exchange reserves fell by USD 2.335 billion to USD 590.702 billion during the week ending September 22, 2023, the RBI reported.

In the prior week, reserves fell USD 867 million to USD 593.037 billion.

In October 2021, the country’s foreign exchange kitty reached a record USD 645 billion. The central bank utilized its reserves to defend the rupee despite global pressures since last year, lowering them.

Foreign currency assets, a major component of reserves, decreased USD 2.552 billion to USD 523.363 billion for the week ended September 22, according to the RBI’s Weekly Statistical Supplement.

The appreciation or depreciation of non-US currencies like the euro, pound, and yen in foreign exchange reserves are foreign currency assets.

The RBI reported USD 44.307 billion in gold reserves, up USD 307 million. SDRs fell USD 79 million to USD 18.012 billion.

During the reporting week, the country’s IMF reserve position fell by USD 11 million to USD 5.019 billion.
Growth in eight main infrastructure sectors reaches 12.1%

According to Friday’s official figures, eight important infrastructure industries grew 12.1 percent in August 2023, up from 4.2 percent a year earlier, mostly due to coal, crude oil, and natural gas output.

August’s expansion was the highest since June 2022’s 13.2%.

Data revealed August production of refinery products, steel, cement, and power increased. July core sector growth was 8.4%, according to Commerce and Industry Ministry figures.

April-August 2023-24 output growth for the eight sectors was 7.7%, down from 10% the year before.

The Reserve Bank said Friday that foreign exchange reserves declined USD 2.335 billion to USD 590.702 billion for the week ending September 22.

Conclusion

India’s foreign exchange reserves fell by USD 2.335 billion to USD 590.702 billion in the week ended September 22, 2023, according to the RBI. Last week, reserves declined USD 867 million to USD 593.037 billion. Since last year, the RBI has used reserves to defend the rupee against global events. Foreign currency assets down 2.552 billion to 523.363 billion this week.

SDRs declined by USD 79 million to USD 18.012 billion, while gold reserves rose by USD 307 million to USD 44.307 billion. USD 5.019 billion was the country’s IMF reserve position, down USD 11 million. August 2023 saw 11.1% growth in eight main infrastructure sectors, the most since June 2022. July core sector growth was 8.4%. The eight sectors’ output growth was 7.7% in April-August 2023-24, down from 10% the year before.

Newsdesk

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