India’s foreign exchange reserves drop USD 1.31 billion to USD 656.58 billion as of November 22, says RBI – India TV
India’s foreign exchange reserves dropped USD 1.31 billion to USD 656.58 billion for the week ended November 22, the Reserve Financial institution of India (RBI) mentioned. The kitty had dropped a report USD 17.761 billion to USD 657.89 billion within the earlier reporting week ending November 15.
The reserves, which had hit an all-time excessive of USD 704.885 billion in end-September, have been declining for a number of weeks, at a time when the rupee has additionally been underneath stress. For the week ended November 22, overseas forex property — a significant part of the reserves — decreased USD 3.043 billion to USD 566.791 billion, the info, which was launched on Friday, confirmed.
Expressed in greenback phrases, the overseas forex property embody the impact of appreciation or depreciation of non-US models just like the euro, pound, and yen held within the overseas change reserves. Gold reserves elevated USD 1.828 billion to USD 67.573 billion throughout the week, the RBI mentioned.
The particular drawing rights (SDRs) have been down USD 79 million to USD 17.985 billion, the apex financial institution mentioned. India’s reserve place with the IMF was additionally down USD 15 million to USD 4.232 billion within the reporting week, the RBI information confirmed.
India’s GDP development slows to 2-year low
In the meantime, India’s financial development slowed to close two-year low of 5.4 per cent within the July-September quarter of this fiscal on account of poor efficiency of producing and mining sectors, however the nation continued to stay the fastest-growing giant financial system, information confirmed on Friday. The gross home product (GDP) had expanded by 8.1 per cent within the July-September quarter of 2023-24 fiscal.
The earlier low degree of GDP development at 4.3 per cent was recorded within the third quarter (October-December 2022) of the monetary 12 months 2022-23. Nonetheless, India remained the fastest-growing main financial system as China’s GDP development within the July-September quarter this 12 months was at 4.6 per cent.
(With PTI inputs)
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