RBI's efforts to stabilise rupee hit country's forex reserves: Experts
Mumbai, Aug 17 : A strong US dollar and subsequent interventions by the country's central bank to stabilise the rupee drained over $1.80 billion from India's foreign exchange (forex) reserves, analysts said on Friday.
As per the Reserve Bank of India (RBI) weekly statistical supplement, the overall forex reserves plunged by $1.82 billion during the week ended August 10 to $400.88 billion from $402.70 billion reported for the week ended August 3.
According to Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, the decline in Forex reserves can be attributed to the RBI's intervention to stem the decline in rupee's fall.
The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit
India's forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI's position with the International Monetary Fund (IMF).
In recent days, factors such as geo-political developments, wider trade deficit, along with outflow of foreign funds have pulled the Indian rupee to fresh record intra-day and closing lows.
On Thursday, the Indian rupee had plunged to an intra-day low level of 70.39-40 -- its lowest ever mark -- against the greenback prompting automobile manufacturers and other import dependent sectors to raise prices.
It settled at a record closing low of 70.16 against the US dollar on Thursday.
Segment-wise, FCAs -- the largest component of the Forex reserves -- receded by $1.94 billion to $376.26 billion during the week under review.
Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. The individual movements of these currencies against the US dollar impacts the overall reserve value.
"A consistent decline in reserves show that the RBI is continuously intervening in the market to protect the rupee," Rushabh Maru, Research Analyst, Anand Rathi Shares and Stock Brokers, told IANS.
"Another reason is the fact that foreign currency assets include the effect of appreciation or depreciation of the currencies such as Euro, Pound etc held in the reserves. Since Euro and Pound both have depreciated sharply in recent months, the fall in valuation is also the reason for decline in the reserves."
However, the value of the country's gold reserves increased by $145.6 million to $20.69 billion.
The country's SDRs' value slipped by $9.2 million to $1.46 billion, while the country's reserve position with the IMF inched down by $9.2 million to $2.45 billion.
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“Go fight in Iran if you’re so bothered”: Sambhal cop’s remarks ahead of Eid go viral
“He cannot impose his opinions on citizens,” say netizens
Lucknow: A video of a police officer in Uttar Pradesh’s Sambhal district addressing people regarding tensions in the middle east is doing rounds on social media.
The police officer, according to PTI, was addressing a meeting ahead of Alvida prayers and the upcoming Eid festival.
The remarks were made during a security review meeting held at the Sambhal Kotwali police station on Wednesday, PTI reported.
In the video Circle Officer Kuldeep Singh addresses local community members and discusses security arrangements ahead of the religious gatherings.
During the meeting, Singh cautioned people against reacting to developments related to the ongoing conflict between Iran and Israel. He said, "Many people are getting worked up about the war between Iran and Israel, and they're trying to interfere. They're beating their chests. Brother, if you have so much trouble, then you should board a plane and go to Iran and fight on Iran's behalf."
During the meeting, Singh also advised people not to raise slogans or display placards in support of or against any foreign country during religious gatherings.
He said, "There's a fight going on between two other countries, and if that fight has any impact on law and order in our country, then we'll take action."
He further warned that raising slogans linked to international conflicts during Alvida or Friday prayers would not be permitted.
According to the officer, foreign disputes should not influence the local situation in India, and people who feel disturbed by such events should not attempt to create unrest in their own communities.
In the video that circulated online, Singh is heard elaborating on his remarks and addressing the gathering about maintaining peace during the festival period.
He said, "A lot of people seem eager to comment on the Israel–Iran war and keep poking the issue. If you have a problem, board the flight rescuing stranded Indians and go fight for Iran."
He added, " If it’s such a big problem for you, then just get on a plane. When the plane's about to leave Iran, just get on the plane and leave. Go fight on Iran’s side if you want, then come back. But don’t get involved in a fight between two other countries."
The officer further said that the police would take action if the conflict between other nations affects law and order locally.
"And if this conflict affects law and order in our country, then we will take action. There shouldn’t be any loud protests, slogans, banners, or chants during any prayer, be it farewell prayers or Friday prayers, against anyone or any country. We are Indians, we are proud to be Indian," he said.
In the video, he also stated that people in the country should focus on maintaining peace and not involve themselves in international disputes.
"We're living here peacefully. The fights going on are their own internal matters; they’ll have to deal with that themselves," Singh said.
He also warned that the police would not tolerate attempts to create tension in the area.
During the meeting, he also asked people to ensure that the festival period remains peaceful.
The officer also warned that even a single individual could create trouble in a community.
"So never let these things happen. Just one bad person is enough to ruin your town, neighborhood, or city. One problem is enough. Even if everyone comes together to fix it, it still takes a lot of time. You’ve seen that even now, things haven’t settled down here," he said.
Meanwhile, several social media users reacted to the video and criticised the remarks.
“Its not his duty to ask citizens whom to support and whom not to during a global conflict. He is nothing more than an office bearer. He cannot impose his opinions on citizens,” wrote a user.
“India claims to be a democracy, but that democracy seems to disappear when it comes to Muslims. While protesting is a democratic right, it isn't treated as one for the Muslim community.... instead, it's treated as a law and order issue to justify police crackdowns,” said another.
“Ah he is back with sermons for Muslims.He seems to be very dedicated to the cause of educating Muslims,” another user wrote.
“Why does UP police have to give this sermon?” another user said.
Another user stated, “To Kuldeep: Empathy for human life in a conflict zone is not a crime nor does it make a citizen any less Indian. It is incredibly disappointing to see a high ranking officer use such crude and divisive language ahead of a festival. A DSP should focus on local law and order instead of suggesting "rescue flights" for people whose only fault is having an opinion. Stick to your uniform and the dignity it carries.”
Responding to the remarks, AIMIM Uttar Pradesh president Shaukat Ali also criticised the officer’s comments.
"Your language does not reflect that you have taken oath of the constitution. You talk like a street thug, a criminal," he said while responding to the remarks of UP DSP Kuldeep Kumar.
In a video message, Ali said, “Just a little while ago, a video surfaced on Socialmedia, showing a guy from Asmoli named Kuldeep Singh. He's the SIO who’s got extra charge of Sambal, but the Sambal SIO position is currently vacant. They were holding a peace committee meeting for Muslims, where they were seen threatening the Muslims, saying, 'Whoever stands up, I'll send them to Iran. Let them go to Iran.' Brother, who do you think you are?”
He further said, “You… You’ll keep threatening to take us to court if we do something legal. Go ahead and sue us. You’re the one giving threats. The first case should be filed against you.”
Ali also questioned the language used by the officer in the meeting.
“But the way you’re speaking doesn’t sound like someone who’s taken an oath in the name of the Constitution at all. It sounds more like the language of some street punk, a thug, or a criminal,” he said.
“You shouldn’t use language like this anywhere, and I’m consulting my legal team about your video. If anything comes of it, God willing, we won’t hesitate to take action against you,” he added.
"Your language does not reflect that you have taken oath of the constitution. You talk like a street thug, a criminal," AIMIM UP president Shaukat Ali responding to UP DSP Kuldeep Kumar. pic.twitter.com/pCWnOe7I4I https://t.co/MNAwh7e9Cy
— Piyush Rai (@Benarasiyaa) March 12, 2026
Speaking to PTI later, the officer said his comments were meant to ensure peace and communal harmony in the area.
"My point was that incidents happening on foreign soil should not disturb the local atmosphere. Our objective is to maintain peace and order," Singh said.
