India's forex reserves hit near 2-year low

ANI
23 Sep 2022, 23:48 GMT+10

Mumbai [India], September 23 (ANI): India's foreign exchange reserves declined for a seventh straight week, touching $545.652 billion in the week ending September 16, Reserve Bank of India's data showed on Friday.

In the previous week ending September 9, the foreign exchange reserves stood at $550.871 billion. The reserves have dropped by $5.22 billion to hit the lowest level since October 2, 2020, RBI's weekly statistical supplement showed on Friday.

In the week ending September 16, the foreign currency assets stood at $484.901 billion, gold reserves at $38.186 billion and special drawing rights at $17.686 billion.

The foreign exchange reserves stood at $550.871 billion at the end of the previous week.

The Indian rupee on Friday fell 41 paise to all-time low of 81.20 against US dollar in early trade on the back of US Treasury yields climbing to fresh multi-year highs and dollar demand from importers.

At 09:25 am IST, the local currency was trading at 81.13. The rupee had plunged 1.1 per cent against the dollar on Thursday, closing at a record low of 80.87 per dollar.

Experts said that a large part of the decline has been on account of the Reserve Bank of India's intervention in the currency market though the fall in reserves is partly due to valuation changes.

The Indian stock market's key indices, Nifty and Sensex, dropped by nearly 2 per cent on Friday, leading to an erosion of more than Rs 4 lakh crore of investors' wealth amid weak global cues after the US Federal Reserve signalled an aggressive increase in interest rate to control inflation.

The 30 stock SP BSE Sensex slumped 1020.80 points or 1.73 per cent to 58,098.92 points against its previous day's close at 59,119.72 points. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Afghanistan Sun.

More Information

null in null

International

Section

US weather agency faces big layoffs under Trump’s civil service cuts

US weather agency plans to fire 1,000 in second round of cuts

WASHINGTON, D.C.: The U.S. weather agency, NOAA, plans to lay off 1,029 workers following 1,300 job cuts earlier this year. This...

New Mexico reports first measles-related death in over 40 years

Unvaccinated New Mexico adult tests positive for measles after death

SANTA FE: New Mexico: A New Mexico resident who died recently tested positive for measles, marking the state's first measles-related...

Philippines' Duterte detained at request of International Criminal Court

Former Philippines President Rodrigo Duterte arrested under ICC orders

MANILA, Philippines - In a dramatic move, the International Criminal Court on Tuesday arrested the former president of the Philippines,...

Latest US pullback from international climate efforts

United States quits board of UN climate damage fund, letter shows

BRUSSELS, Belgium: The United States has withdrawn from the board of a U.N. climate fund designed to help poor countries deal with...

Protests mount over detention of Columbia University student

Jailed Columbia University student moved from NYC to Louisiana

NEW YORK CITY, New York - A student of Columbia University, arrested for protesting against the carnage in Gaza, has been moved out...

Los Angeles, Pasadena sue Edison over devastating wildfire

LA County, Pasadena, sue Southern California Edison over wildfires

LOS ANGELES, California: Los Angeles County, Pasadena, and other public agencies have sued Edison International and its subsidiary,...

Central Asia

Section

"No need to destroy Aurangzeb's grave...": Lyricist Manoj Muntashir suggests building toilets under Swachh Bharat Mission

Mumbai (Maharashtra) [India], March 11 (ANI): Amid the ongoing political row over whether the grave of Aurangzeb should be razed, lyricist...