On a weekly basis the foreign currency assets edged higher by $5.010 billion to $553.529 billion.
India’s foreign exchange reserves rose by $5.271 billion during the week ended May 28. According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the reserves increased to $598.165 billion from $592.894 billion reported for the week ended May 21.
India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).
On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $5.010 billion to $553.529 billion. Similarly, the value of the country’s gold reserves gained by $265 million to $38.106 billion.
Besides, the SDR value gained by $2 million at $1.515 billion.
On the other hand, the country’s reserve position with the IMF inched lower by $5 million to $5.016 billion.
An estimated 30 million NRIs living in 160 countries are looking at India for real estate investment opportunities. India has been consistently notching up the top slot in expatriate remittance for years now from $55.6 billion in 2010-11 to $64 billion in 2020.
Among the investment options, real estate plays a key role. The NRI demand for Indian real estate has been riding strong throughout first quarter of this year on the back of lucrative benefits offered on stamp duty by the state governments of Maharashtra and Karnataka.
This resulted in large number of property transactions and registrations across these micro markets. NRI demand did stutter a bit post the withdrawal of stamp duty offers and the simultaneous worsening of Covid situation in India. However, with developers once again bringing back price softeners, NRI demand is gradually picking up. There is significant appetite for properties of Grade A developers, said Shajai Jacob, CEO – GCC (Middle East), Anarock Property Consultants Pvt Ltd.
Indian shares tumbled on Friday, as banking stocks came under pressure after the country’s central bank placed troubled lender Yes Bank under a moratorium and took over its board.
Indian stock markets erased all their initial gains on Friday, with the BSE Sensex closing 131.18 points lower, although the Reserve Bank of India (RBI) announced an emergency rate cut of 75 basis points.
In a bid to ease the US dollar requirements of open market, the Reserve Bank of India (RBI) decided to conduct a six-month swaps worth $2 billion to provide liquidity to the foreign exchange market (forex).
The firm is seeking a 25 per cent stake in the ammonia unit of India's AM Green, a new platform wholly owned by the two founders of Greenko, Anil Chalamalasetty and Mahesh Kolli.
Russia plans to increase budget spending by 25.8% to 36.6 trillion roubles ($383 billion) in 2024, Prime Minister Mikhail Mishustin said on Friday,
The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by 28 per cent in 2022, reaching Dhs 137.51 billion, compared to Dhs107.41 billion in 2018.