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News18
7 hours ago
- News18
Indias forex reserves decline sharply by $9.3 billion to $689 billion
New Delhi [India], August 10 (ANI): India's foreign exchange reserves (forex) reported a sharp decline, slipping USD 9.32 billion to USD 688.871 billion in the week ending August 1, official data released by the Reserve Bank of India the latest monetary policy meeting, RBI Governor Sanjay Malhotra said the foreign exchange kitty was sufficient to meet 11 months of the country's this weekly dip, the forex kitty is close to its all-time high of USD 704.89 billion touched in September latest RBI data showed that India's foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at USD 581.607 to RBI data, the gold reserves currently amount to USD 83.998 billion, with a USD 1.706 billion banks worldwide had been increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India was no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2024, the reserves rose by a little over USD 20 billion. So far in 2025, the forex kitty has cumulatively jumped by about USD 49 billion, data exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens. (ANI)
Economic Times
2 days ago
- Economic Times
India's forex reserves tumble most in 2025 as RBI steps in to stem rupee slide
Synopsis India's foreign exchange reserves experienced a significant $9.3 billion drop in the week ending August 1, 2025, marking the sharpest decline of the year. This fall is attributed to the Reserve Bank of India's likely intervention to stabilize the rupee amidst escalating trade tensions with the US, triggered by tariff impositions and outflows from equity markets. Reuters Representational India's foreign exchange reserves posted their sharpest weekly decline in 2025, as the Reserve Bank of India (RBI) likely intensified efforts to curb the rupee's slide against the dollar amid mounting trade tensions between New Delhi and foreign exchange fell by $9.3 billion in the week ending August 1, the steepest since mid-November, RBI data published Friday foreign exchange reserves stood at $688.9 billion as on August 1, down from all-time high of $704.89 billion reported in end-September 2024. At the current level, reserves are sufficient to cover more than 11 months of merchandise data for weekly fall in FX reserves coincides with the US President Donald Trump's July 30 announcement of imposing 25% tariff on Indian exports to the US. This led to a fall in the rupee, which closed at a record low against the dollar the next day. This week Trump slapped an additional 25% tariffs, effectively raising total US duties to 50%, because of India's continued imports of Russian oil. Outflows from local equity markets have also kept the rupee under pressure. According to Gaura Sengupta, chief economist, at IDFC First Bank, out of the total weekly fall, around $6.9 billion was account of the RBI's intervention, where it net sold dollars and $2.1 is due to revaluation loss because dollar had strengthened in that period. 'The RBI's intervention had seen through July and even in August given the pressure on the currency because of tariffs. The data for the next week (August 8) is also expected to show a fall because of the intervention as well as maturity of $5 billion dollar-rupee swaps,' she RBI stated stance has been that it intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange currency assets, which form over 84% of the total reserves, fell by over $7 billion. These assets are maintained as a multi-currency portfolio comprising major currencies, such as, US dollar, Euro, Pound sterling, Japanese yen, etc but expressed in dollar terms.
Time of India
2 days ago
- Time of India
India's forex reserves tumble most in 2025 as RBI steps in to stem rupee slide
India's foreign exchange reserves posted their sharpest weekly decline in 2025, as the Reserve Bank of India (RBI) likely intensified efforts to curb the rupee's slide against the dollar amid mounting trade tensions between New Delhi and Washington. India's foreign exchange fell by $9.3 billion in the week ending August 1, the steepest since mid-November, RBI data published Friday showed. Total foreign exchange reserves stood at $688.9 billion as on August 1, down from all-time high of $704.89 billion reported in end-September 2024. At the current level, reserves are sufficient to cover more than 11 months of merchandise imports. The data for weekly fall in FX reserves coincides with the US President Donald Trump's July 30 announcement of imposing 25% tariff on Indian exports to the US. This led to a fall in the rupee, which closed at a record low against the dollar the next day. This week Trump slapped an additional 25% tariffs, effectively raising total US duties to 50%, because of India's continued imports of Russian oil. Outflows from local equity markets have also kept the rupee under pressure. According to Gaura Sengupta, chief economist, at IDFC First Bank , out of the total weekly fall, around $6.9 billion was account of the RBI's intervention, where it net sold dollars and $2.1 is due to revaluation loss because dollar had strengthened in that period. 'The RBI's intervention had seen through July and even in August given the pressure on the currency because of tariffs. The data for the next week (August 8) is also expected to show a fall because of the intervention as well as maturity of $5 billion dollar-rupee swaps,' she said. The RBI stated stance has been that it intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate. Foreign currency assets, which form over 84% of the total reserves, fell by over $7 billion. These assets are maintained as a multi-currency portfolio comprising major currencies, such as, US dollar, Euro, Pound sterling, Japanese yen, etc but expressed in dollar terms.
