India's forex reserves rise by $7.2 billion to reach at 11-month high, nears $600 billion

[NG Missile Vessels]

India's forex reserves inched closer to the $600 billion mark by rising $7.196 billion in the week that ended on May 5, 2023, to $595.976 billion. This would be the second consecutive weekly rise in reserves. Except for SDRs, all other indicators gained traction in the week under review with foreign currency assets (FCA) being the biggest contributor.

As per RBI's weekly statistical data, total foreign exchange reserves jumped by $7.196 billion to $595.976 billion in the week that ended on May 5, 2023. In the previous week, reserves had climbed by $4.532 billion.

With that, forex reserves are currently at an 11-month high.

In the week under review, FCA soared by $6.536 billion to $526.021 billion. In the week that ended April 28, FCA picked up by $4.996 billion.

Further, gold reserves advanced by $659 million to $46.315 billion. While the reserve position at IMF zoomed by $139 million to $5.192 billion. On the other hand, SDRs declined by $204 million to $18.447 billion.

India's forex reserves were at an all-time high of $645 billion in October 2021. To tame rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

Meanwhile, India’s foreign exchange reserves were placed at $ 578.4 billion as on March 31, 2023.

Notably, on Friday, the Indian rupee recorded its worst week since mid-March as the US dollar strengthened. The rupee closed at 82.1625 per dollar compared to the previous session's print of 82.09 per dollar. The performance of the rupee was dampened due to feeble Asian counterparts as tepid Chinese economic data, concerns over the US government's finances, and interest rates uncertainties played a key role in setting the tone.

On the Indian currency, Jateen Trivedi, VP Research Analyst at LKP Securities said, "Based on the given information, the rupee has been trading weak with a range of 82.08-82.22, hovering around 82.15.


Trivedi added, "The US debt crisis has added pressure on economies and may have contributed to the rupee's weakness. Despite attempts to cross 82.00, the rupee has failed and is awaiting the outcome of the Karnataka election results, which will be keenly observed by market participants."

The range for the rupee is expected to be 81.95-82.25, with a break on either side providing a clear trend, the analyst said.

India's forex reserves rise by $7.2 bn to reach at 11-month high, nears $600 bn

India's forex reserves has inched closer to critical psychological mark of $600 billion in the latest week that ended on May 5, 2023. Foreign currency assets is the major booster to the reserves.

www.google.com

@Skull and Bones @MilSpec @Raj-Hindustani @ni8mare @Cheepek @CallSignMaverick

 

[NG Missile Vessels]

Earlier this week, Reuters reported, citing economists, that India's forex reserves were at a comfortable level, benefiting from the RBI's persistent intervention and likelihood of less volatile revaluation changes

 

[Skull and Bones]

Earlier this week, Reuters reported, citing economists, that India's forex reserves were at a comfortable level, benefiting from the RBI's persistent intervention and likelihood of less volatile revaluation changes

Waiting for the day to reach a trillion dollars reserve.

 

[CallSignMaverick]

View attachment 929353
India's forex reserves inched closer to the $600 billion mark by rising $7.196 billion in the week that ended on May 5, 2023, to $595.976 billion. This would be the second consecutive weekly rise in reserves. Except for SDRs, all other indicators gained traction in the week under review with foreign currency assets (FCA) being the biggest contributor.

As per RBI's weekly statistical data, total foreign exchange reserves jumped by $7.196 billion to $595.976 billion in the week that ended on May 5, 2023. In the previous week, reserves had climbed by $4.532 billion.

With that, forex reserves are currently at an 11-month high.

In the week under review, FCA soared by $6.536 billion to $526.021 billion. In the week that ended April 28, FCA picked up by $4.996 billion.

Further, gold reserves advanced by $659 million to $46.315 billion. While the reserve position at IMF zoomed by $139 million to $5.192 billion. On the other hand, SDRs declined by $204 million to $18.447 billion.

India's forex reserves were at an all-time high of $645 billion in October 2021. To tame rupee depreciation, RBI has been intervening in the forex market via both spot and forward positions.

Meanwhile, India’s foreign exchange reserves were placed at $ 578.4 billion as on March 31, 2023.

Notably, on Friday, the Indian rupee recorded its worst week since mid-March as the US dollar strengthened. The rupee closed at 82.1625 per dollar compared to the previous session's print of 82.09 per dollar. The performance of the rupee was dampened due to feeble Asian counterparts as tepid Chinese economic data, concerns over the US government's finances, and interest rates uncertainties played a key role in setting the tone.

On the Indian currency, Jateen Trivedi, VP Research Analyst at LKP Securities said, "Based on the given information, the rupee has been trading weak with a range of 82.08-82.22, hovering around 82.15.


Trivedi added, "The US debt crisis has added pressure on economies and may have contributed to the rupee's weakness. Despite attempts to cross 82.00, the rupee has failed and is awaiting the outcome of the Karnataka election results, which will be keenly observed by market participants."

The range for the rupee is expected to be 81.95-82.25, with a break on either side providing a clear trend, the analyst said.

India's forex reserves rise by $7.2 bn to reach at 11-month high, nears $600 bn

India's forex reserves has inched closer to critical psychological mark of $600 billion in the latest week that ended on May 5, 2023. Foreign currency assets is the major booster to the reserves.

www.google.com

@Skull and Bones @MilSpec @Raj-Hindustani @ni8mare @Cheepek @CallSignMaverick

Waiting for the day to reach a trillion dollars reserve.

Getting trade surplus should be government's biggest goal, $1 trillion in forex is possible by import substitution and more FDI.

 

[NG Missile Vessels]

Getting trade surplus should be government's biggest goal, $1 trillion in forex is possible by import substitution and more FDI.

Hope so

 

[Arsalan345]

Please start a short course on economy and finance in Pakistan. Teach these illiterates to run Pakistan properly.

 

[legacytiger18]

Please start a short course on economy and finance in Pakistan. Teach these illiterates to run Pakistan properly.

wise, but, Unfortunately this is not the PDF world opinion. Everyone in PDF world would think that Civil War started In India and India will collapse in next 2 months

 

[kris]

Waiting for the day to reach a trillion dollars reserve.

No point doing that unless to suffer like Japan and China (in view of current De-dollarization efforts)

 

[NG Missile Vessels]

No point doing that unless to suffer like Japan and China (in view of current De-dollarization efforts)

These advances remain quite small when compared with the ubiquity of the US dollar, which is used in around 90 per cent of foreign exchange transactions around the world

 

[CallSignMaverick]

No point doing that unless to suffer like Japan and China (in view of current De-dollarization efforts)

And with what are you going to pay for your imports? De-dollarisation would be partial, USD will still remain king.

 

[Arsalan345]

wise, but, Unfortunately this is not the PDF world opinion. Everyone in PDF world would think that Civil War started In India and India will collapse in next 2 months

hahaha. you are right.

 

[Chute]

Please start a short course on economy and finance in Pakistan. Teach these illiterates to run Pakistan properly.

There are plenty of literate competent people to turn things around in Pakistan.

The problem for Pakistan though is the establishment hates those kind of people as its threat to their power and status quo.

 

[Arsalan345]

There are plenty of literate competent people to turn things around in Pakistan.

The problem for Pakistan though is the establishment hates those kind of people as its threat to their power and status quo.

I have no trust on any literate Pakistani now. they are all same. It doesn't matter now whether establishment controls the system or not. This country needs modern western style system and implementation should be done immediately. Christians are working as sweepers. same for hindus as well. I think both literate and illiterate needs to work as sweepers and we should give authority to Christians to run this country. Obviously terrorists and mullah will start screaming but these are the same people who started terrorism in this country. I think all patriotic people who holds key positions have died from inside and they died long time ago. This country and it's people deserves punishment, all types of punishment.

 

[kankan326]

Because India bought Russian oil using useless Rupees and then sold the oil to gain US dollars. This is a fraud for Russia.

 

[Chute]

Because India bought Russian oil using useless Rupees and then sold the oil to gain US dollars. This is a fraud for Russia.

Errr nope. Russia did not accept INR (so far) for their oil sales to India.

If it is such a fraud, maybe Russia should say something about it instead of some no name extremely anti-muslim troll like you.