Foreign Exchange reserves continue to decline
By MYBRANDBOOK
Data from the Reserve Bank of India (RBI) showed that the country’s forex reserves saw another massive fall, as they fell by $5.22 billion to $545.65 billion. The fall in the reserves was due to a dip in the foreign currency assets (FCA), a major component of the overall reserves.
The FCA fell by $4.69 billion to $ 484.90 billion. The FCA includes the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the forex reserves. The value of the gold reserves decreased by $458 million to $38.186 billion, the data showed. The special drawing rights were lower by $32 million to $17.686 billion.
The country’s reserve position with the International Monetary Fund (IMF) was down by $31 million to $4.88 billion in the reporting week. Currency experts said much of the decline would be due to the central bank intervening in the currency market to prevent the rupee from depreciating more sharply against the US dollar.
The RBI has been plunging into the reserves to deploy dollars in the currency market, amidst volatility caused by a strengthening dollar. Experts estimate the central bank has sold around $35 billion in the currency markets since April.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alpha Max offers high end solutions in the network space to en
The vision at Alpha Max is to attain quality as the trademark and create a
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
TEJAS NETWORKS INDIA PVT. LTD.
TALLY SOLUTIONS PVT. LTD.
TP-LINK INDIA PVT. LTD.
PDRL - Passenger Drone Research Pvt. Ltd.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
Icons Of India : Puneet Chandok
Puneet Chandok is President, Microsoft India & South Asia and is respo...
PARTNER SPEAKERS
PSU
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
NPCI - National Payments Corporation of India
NPCI is an umbrella organization for operating retail payments and set...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
Indian Tech Talent Excelling The Tech World - NEAL MOHAN, CEO - Youtube
Neal Mohan, the CEO of YouTube, has a bold vision for the platform’s...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
