India’s forex reserves slide to $561 billion
- Last updated: February 25, 2023 | 15:49
India’s forex reserves fell by $5.681 billion to $561.267 billion for the week ended February 17, according to RBI data. This is the third week in a row when forex reserves have shown a dip.
Last week, they had fallen by $8.319 billion to $566.948 billion. In October 2021, the country’s forex reserves had reached an all-time high of $645 billion.
The reserves have been declining as the central bank has been using them to bolster the rupee amid global headwinds.
Meanwhile with lithium considered as the new oil or IMFL, India as in the case of black gold -- crude oil -- is exploring opportunities for investment in lithium mines in Argentina and Australia, even as government-owned organisations continue their hunt within the country.
The Khanij Bidesh India Ltd (KABIL), a joint venture of three central government owned companies -- National Aluminium Company Limited, Hindustan Copper Limited and Mineral Exploration Corporation Limited -- under the Ministry of Mines, is exploring opportunities for investment in lithium mines in Argentina and Australia, Pralhad Joshi, Minister of Mines, told the Lok Sabha.
Within the country, during the last five years, the Geological Survey of India (GSI), has carried out 20 projects on lithium and associated elements in Andhra Pradesh, Arunachal Pradesh, Bihar, Chhattisgarh, Himachal Pradesh, Jharkhand, Jammu & Kashmir, Madhya Pradesh, Meghalaya and Rajasthan.