India's foreign exchange (forex) reserves continue to decline. In the week that ended December 13, the foreign exchange kitty declined by USD 1.988 billion to USD 652.869 billion, data from the Reserve Bank of India (RBI) showed Friday.
India's foreign exchange (forex) reserves started to rise again after having slumped for an eighth consecutive week, in the process hitting a multi-month low.
India's foreign exchange (forex) reserves slumped for an eighth consecutive week to hit a multi-month low of USD 656.582 billion in the week that ended on November 22, data from the Reserve Bank of India (RBI) showed.
India's foreign exchange (forex) reserves dropped for a seventh consecutive week to hit an over four-month low of USD 657.892 billion in the week that ended on November 15, data from the Reserve Bank of India (RBI) showed.
The value of Russia's gold holdings surpassed USD 200 billion for the first time ever in October, while bullion's share in the country's international reserves increased to 32.9 per cent, according to the central bank.
Central banks around the world could continue expanding their gold reserves amid ongoing geopolitical uncertainties, as highlighted in a recent report by Quantum Mutual Fund.
Amid the ongoing global crisis India's total gold reserves held by the Reserve Bank of India (RBI) stand at 854.73 metric tonnes, according to the latest report by the central bank.
In the week that ended on October 18, the forex reserves kitty dipped USD 2.163 billion to USD 688.267 billion, as per the data released by the Reserve Bank of India (RBI) on Friday. In the two weeks prior to that, the kitty declined USD 3.7 billion and USD 10.7 billion, respectively.
RBI has found irregular practices in the grant of loans against pledges of gold ornaments and jewelry by some entities. It has thus advised all "supervised entities" to comprehensively review their policies, processes, and practices on gold loans to identify gaps.
India's foreign exchange reserves have been rising for months now, hitting several all-time highs. The forex kitty increased by USD 66 billion so far this year and is currently at USD 689.235 billion.