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India’s foreign exchange reserves dropped by USD 2.335 billion to USD 590.702 billion for week ended on September 22, 2023, the Reserve Bank of India (RBI) said.
In the previous reporting week, the overall reserves dropped by USD 867 million to USD 593.037 billion.
It can be noted that in October 2021, the country’s foreign exchange kitty reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year.
For the week ended September 22, the foreign currency assets, a major component of the reserves, decreased by USD 2.552 billion to USD 523.363 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves were up by USD 307 million to USD 44.307 billion, the RBI said. The Special Drawing Rights (SDRs) were down by USD 79 million to USD 18.012 billion.
The country’s reserve position with the IMF also declined by USD 11 million to USD 5.019 billion in the reporting week, the apex bank data showed.
Eight key infrastructure sectors’ growth expands to 12.1 per cent
The growth of eight key infrastructure sectors rose to a 14-month high of 12.1 per cent in August 2023 against 4.2 per cent a year ago, mainly due to expansion in production of coal, crude oil, and natural gas, according to the official data released on Friday.
The expansion in August is the highest since June 2022, when it was 13.2 per cent.
The production of refinery products, steel, cement and electricity also grew in August, the data showed. The core sector growth in July was 8.4 per cent, the Commerce and Industry Ministry data showed.
The output growth of the eight sectors was also lower at 7.7 per cent in April-August 2023-24 against 10 per cent in the year-ago period.
The country’s foreign exchange reserves declined further by USD 2.335 billion to USD 590.702 billion for the week ended September 22, the Reserve Bank said on Friday.
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