Forex reserves decline USD 4.47 bn to USD 688.1 bn: RBI data
Mumbai (PTI): India's forex reserves declined USD 4.472 billion to USD 688.104 billion during the week ended November 21 due to a steep decrease in the value of gold reserves, the RBI said on Friday.
The overall reserves had increased by USD 5.543 billion to USD 692.576 billion in the previous reporting week.
For the week ended November 21, foreign currency assets, a major component of the reserves, decreased by USD 1.69 billion to USD 560.6 billion, the data released showed.
Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
Value of the gold reserves decreased by USD 2.675 billion to USD 104.182 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) also decreased by USD 84 million to USD 18.566 billion, the apex bank said.
India's reserve position with the IMF also fell by USD 23 million to USD 4.757 billion in the reporting week, according to the apex bank's data.
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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
