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Forex reserves rises after 4 weeks of fall
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IANS | 06 Aug, 2022
India's forex reserves rose around $2.4 billion during the week ending
July 29 after falling for the four consecutive weeks. The rise was seen
on back of positive inflows by the foreign investors in the Indian
equity market.
The country's foreign exchange reserves
rose by $2.315 billion to $573.875 billion during the week ending June
29, according to the Reserve Bank of India's (RBI) weekly supplementary
statistical data.
"India's foreign exchange reserves,
supplemented by net forward assets, provide insurance against global
spillovers. Our umbrella remains strong," RBI Governor Shaktikanta Das
said.
"The Reserve Bank has also used its foreign exchange
reserves accumulated over the years to curb volatility in the exchange
rate," he added.
During the current financial year (up to August
4), the US dollar index (DXY) has appreciated by 8.0 per cent against a
basket of major currencies. In this milieu, the Indian rupee has moved
in a relatively orderly fashion depreciating by 4.7 per cent against the
US dollar during the same period, faring much better than several
reserve currencies as well as many of its EME and Asian peers.
The
depreciation of the Indian rupee is more on account of the appreciation
of US dollar rather than weakness in macroeconomic fundamentals of the
Indian economy.
"Market interventions by the RBI have helped in
containing volatility and ensuring orderly movement of the rupee. We
remain watchful and focused on maintaining stability of the Indian
rupee," Das added.
In July, foreign investors turned net buyers
in the Indian equities nearly after 10 months, with an investment of
around Rs 4,980 crore in the Indian equity markets. This comes heavy
sell-off by these entities of around Rs 50,203 crore.
According
to the data NSDL data, investment of foreign investors in July month
stood at Rs 4,989 crore, as compared to over Rs 50,000 crore outflows in
June, Rs 39,993 crore in May and Rs 17,144 crore in April.
The other central banks of the asia also used their foreign exchange reserves to defend their currency.
Despite the resultant drawdown, India's foreign exchange reserves remain the fourth largest globally.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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