India's foreign exchange reserves dropped by USD 360.9 million to USD 362.785 billion in the week to February 10 due to decline in foreign currency assets (FCAs), a key component, the Reserve Bank said today.
Reserves fell by USD 12.3 billion in January to USD 2.998 trillion, compared with a drop of USD 41 billion drop in December.
China's foreign exchange reserves fell to near six-year lows in December, but held just above the critical USD3 trillion level, as authorities stepped in to support the weakening yuan ahead of US President-elect Donald Trump's inauguration.
Foreign currency assets (FCAs), a major component of the overall reserves, dipped by USD 1.155 billion to USD 342.772 billion.
China's foreign exchange reserves, which are the largest foreign exchange in the world, fell to USD 3.185 trillion in August from USD 3.201 trillion in July, the People's Bank of China (PBOC) said.
After touching a record high last week, the country's foreign exchange reserves declined by USD 231 million to USD 363.233 billion in the week ended June 10, Reserve Bank said on June 17
The country's foreign exchange reserves declined by USD 711.6 million to USD 360.193 billion in the week to May 27 due to fall in foreign currency assets, Reserve Bank said on June 3
The recently amended tax treaty with Mauritius surely has given India a clear advantage over tax evaders, but the island nation's coffers will be under stress, finds a Moody's report.
Foreign currency assets which constitute a major component of the overall reserves rose by USD 159.3 million to USD 335.845 billion in the week under review, RBI said in a release.
Raghram Rajan made the comment in a speech at an event featuring bankers and start-up executives, in which he discussed that the central bank had plenty of funds at its disposal.
In the previous week, the reserves had increased by USD 355.1 million to USD 347.562 billion
Asserting that the slide of the rupee was a good sign for India, Assocham today said the country must allow the currency to depreciate to help exports remain competitive.
Playing down the significance of a record drop of USD 93.9 billion in China's foreign exchange reserves last month, the Chinese central bank today said it was due to "normal" market operations and dropping prices of major financial assets on the global market.
China's foreign exchange reserves posted their biggest monthly fall on record in August, reflecting Beijing's attempts to halt a slide in the yuan and stabilise financial markets following its surprise move to devalue the currency last month.
Rajan added India's macro-economic problems were "under control" although he added the country would need to focus on increasing domestic production as an effective way to protect itself against a global economic slowdown.
US nonfarm payrolls increased 215,000 in July, less than the 223,000 rise that economists had expected, although still seen in line with a tightening labour market.
Government on Wednesday said it was closely monitoring the Greek crisis and prepared to face any situation in view of its 'comfortable' foreign exchange reserves.
Foreign exchange reserves dipped marginally by USD 237.5 million to USD 355.221 billion in the week to June 26 on account of slight decline in a key component, according to the weekly RBI data.
Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves.
In the sources of variation, the current account balance showed a decline of USD 26.3 billion in the period as against a drop of USD 31.1 billion in the year-ago period. The capital account showed an increase of USD 57.6 billion as against a rise of USD 39.4 billion a year ago.
India's foreign exchange reserves rose to a record high of USD 333.17 billion as on Feb 13, compared with USD 330.21 billion a week earlier, data from the Reserve Bank of India showed on Friday.
India's foreign exchange reserves jumped by a massive USD 2.66 billion to touch all-time high of USD 322.135 billion in the week ended January 16, on account of surge in foreign currency assets, RBI said today.
The meeting would "discuss some of the challenges that the states see at this point of time", Minister of State for Finance Jayant Sinha told reporters on the sidelines of Delhi Economics Conclave here today.
Adrian Mowat of JPMorgan says the main thing that has changed for India and what most investors are betting on is the changing macroeconomic environment. Mowat believes the most important data point has been the improvement in Balance of Payment, which has moved from deficit to surplus.
Investment bank Jefferies noted that there has been a far greater amount of corporate bond issuance in emerging markets than equity issuance, rising to an estimated 1.19 percent of GDP in emerging markets as a whole, compared with only around 0.69 percent in 2010.