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India’s forex reserves fall $4.5 billion, worst weekly drop in a year

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3 years ago

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India’s forex reserves fall .5 billion, worst weekly drop in a year

The country’s foreign exchange reserves fell sharply in the week to January 28, 2022, due to the revaluation of foreign exchange assets.
According to the latest data from the Reserve Bank of India (RBI), total reserves fell by $4.5 billion this week, mainly due to a drop of $3.5 billion in foreign currency assets. Gold reserves fell by 844 million in a week. The Reserve Bank of India held 743.84 metric tons of gold at the end of September 2021. The Bank of England and the Bank for International Settlements (BIS) held 451.54 tonnes of gold overseas and 292.3 tonnes domestically.

It was the biggest drop since foreign reserves fell by $6.2 billion in the week ended Feb. 5, 2021.

Total reserves stood at $629.8 billion as of the reporting weekend. For the week ended September 3, 2021, foreign exchange reserves reached a level of $642.45 billion, down nearly $12 billion from an all-time high.
While both the US dollar and the euro are intervention currencies and foreign currency assets (FCAs) are maintained in the major currencies, foreign exchange reserves are denominated and expressed in US dollars. Changes in FCA are mainly due to changes in foreign exchange buying and selling by the Reserve Bank of India, revenue from foreign exchange reserves deployment, external aid revenue from the central government, and revaluation of assets.
According to the Reserve Bank of India, foreign exchange reserves rose steadily between March and September last year. However, there has been a decline since then.
With crude prices above $90 a barrel, the rupee is under pressure as higher oil prices will mean bigger import bills. The Reserve Bank of India intervenes in currency markets to reduce volatility.
India imports more than 80% of its crude oil needs. Economists estimate that a 10% increase in oil prices would increase the current account deficit by $15 billion.
India’s crude oil imports rose 119.2% year-on-year to $118.3 billion in April-December 2021, up from $54 billion in the same period in FY21. At this rate, India’s oil import bill is expected to be around $158 billion in FY22, just one notch below the all-time high of $165 billion in FY2014.

Complete News Source : Business Standard

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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3 weeks ago

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October 10, 2024

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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