Forex reserves jump USD 6.992 bln to USD 692.721 bln

For the week ended May 23, foreign currency assets, a major component of the reserves, increased by USD 4.516 million to USD 586.167 billion, the data released on Friday showed.
In the previous reporting week ended May 16, the overall reserves had dropped by USD 4.888 billion to USD 685.729 billion. The forex reserves had touched an all-time high of USD 704.885 billion in end-September 2024.
Mumbai, May 30 (PTI) India's forex reserves jumped by USD 6.992 billion to USD 692.721 billion during the week ended May 23, the RBI said on Friday.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
The gold reserves increased by USD 2.366 billion to USD 83.582 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) rose by USD 81 million to USD 18.571 billion, the apex bank said.
India's reserve position with the IMF was also up by USD 30 million at USD 4.401 billion in the reporting week, the apex bank data showed. PTI AA SHW
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

NDTV

14 minutes ago

• NDTV

The Latest G7 Was A Disaster, Thanks To Trump

As expected, the G7 summit in Kananaskis in Canada proved somewhat of a disaster for the group. With the deep differences between the US and the other six members from Trump's first term getting accentuated after his re-election, the prognostics for this summit were, in any case, not good. The European leaders were openly against Trump's re-election. This lack of empathy between him and the other six members was bound to affect the solidarity of the G7 at Kananaskis. This solidarity had actually got reinforced on the security front under the Biden administration by the overwhelming hostility of the G7 countries towards Russia over the Ukraine conflict. With Trump disowning Biden's Russia policy, spurning President Volodymyr Zelensky and initiating a dialogue with Russia to end the war and explore the possibility of normalising ties with Moscow, the rift with Europe has become deeper, with the latter remaining bent on supporting Ukraine with arms and funds to counter Russia. The Growing Rift Other than this fundamental security issue in the eyes of Europe, Trump's use of tariffs as a weapon against other members of the G7 totally contrary to World Trade Organization (WTO) provisions, has deeply soured US ties with them. The original objective of the G7 was to promote financial and economic stability at the global level. We now see that the US seeks to disrupt this objective by US-centric policies premised on the belief that the country has been the victim of unfair trade practices and that its economy has been hollowed out because its partners have not shared equally security burdens at the global level. The slogan 'Make America Great Again' is at the cost of US allies, too. The US and the other G7 members are, therefore, not on the same page on strategic political, economic and security issues. The G7's raison d'être is being undermined by the US under Trump. The Tensions With Canada Adding to all this is Trump's contemptuous attitude towards Canada, the host of the G7 meeting. The new Canadian Prime Minister, Mark Carney, has been combative and has sought to hit back at the US on tariffs and other economic measures. This did not necessarily provide a more conducive setting for the G7 summit. However, as host - and in order to save the summit - Carney tried to ingratiate himself to Trump, flattering him by saying publicly that "The G7 is nothing without U.S. leadership, your personal leadership". This, however, did not work. Trump snubbed the G7 by departing early because of some momentous decision he had to make - presumably on Iran- and dispensing with planned bilateral meetings, including with President Zelensky. The meeting with Prime Minister Narendra Modi also could not take place (The chance to clear the air personally after many loose statements by Trump on his role in bringing about a ceasefire between India and Pakistan and his desire to mediate on Kashmir was missed. India, therefore, decided to make a statement publicly countering Trump's false narratives on his role and firmly reject any mediatory role by him). A Short, Thin Statement Given all these differences, the other six members had come to terms with the fact that it would not be possible to issue a joint communique, and that a Chair's summary would be issued instead. If the expectation was that the Chair's summary would spell out robustly the united position of six members on issues over which the US differed, it has been belied. It was probably thought that it was not advisable to isolate the US in this manner. The Chair's summary is short and terse. It contrasts dramatically with the inordinately lengthy communique; of last year's G7 summit in Italy, which had a total of about 240 paragraphs and sub-paragraphs, with 18 on Ukraine, 10 on Gaza, four each on Iran and Africa, 14 on Sustainable Development Goals, 16 on the Indo-Pacific, nine on China, 26 on energy and climate change, 10 on the global economy and finance, eight on trade, 14 on economic resilience and economic security, and nine on health. The Chair's summary at Kananaskis, in contrast, has only 14 paragraphs. This shows how much the ambit and substance of this G7 summit got reduced due to the Trump factor. The Chair's summary lists issues of concern, such as the need for greater economic and financial stability, technological innovation, an open and predictable trading regime, energy security and the digital transition underpinned by secure and responsible critical mineral supply chains, and more collaboration within and beyond the G7. With China in mind, the G7 leaders have undertaken to safeguard their economies from unfair non-market policies and practices that distort markets and drive overcapacity. This would include de-risking through diversification and reduction of critical dependencies. The new Canada-led G7 initiative - the Critical Minerals Production Alliance - is mentioned. This would aim at working with trusted international partners to guarantee supply for advanced manufacturing and defence. In the single paragraph on Ukraine, the G7 leaders have accommodated Trump by expressing support for his efforts to achieve a just and lasting peace in the country. This is a remarkable turnabout because Europe is, in fact, deeply opposed to Trump's peace efforts, which exclude it. Zelensky has been thrown a crumb by recognising that Ukraine is committed to an unconditional ceasefire to which Russia must agree, adding that the G7 Leaders are resolute in exploring all options to maximise pressure on Russia, including financial sanctions. Nothing On Middle East, Divisions Over China The para on the Middle East is devoid of any real substance, with the G7 leaders reiterating the importance of unhindered humanitarian aid to Gaza, the release of all hostages, an immediate and permanent ceasefire, and the need for a negotiated political solution to the Israeli-Palestinian conflict that achieves lasting peace (no mention of a two-state solution). The leaders exchanged views on "the active conflict between Israel and Iran", affirming Israel's right to defend itself, and were clear that Iran can never have a nuclear weapon. The G7 released a statement on recent developments between Israel and Iran, which essentially reiterates these bare points. On China, Trump and the six others are not entirely on the same page, but some concerns are shared. The G7 leaders, while stressing the importance of constructive and stable relations with China, have called on it to refrain from market distortions and harmful overcapacity. They discussed their ongoing serious concerns about China's destabilising activities in the East and South China Seas and the importance of maintaining peace and stability across the Taiwan Strait. The leaders acknowledged the links between crisis theatres in Ukraine, the Middle East and the Indo-Pacific. What these links are is not clear. The Irony With 'Foreign Interference' According to the Chair's summary, the G7 leaders condemned foreign interference, underlining the unacceptable threat of transnational repression to rights and freedoms, national security and state sovereignty. The irony is that foreign interference and threats to national security and state sovereignty primarily emanate from the G7 countries themselves, as we experience in India ourselves. With Trump having walked out of the Paris Climate Change agreement, it is not surprising that the only indirect reference to climate change is the discussion by the G7 on the impact of increasingly extreme weather events around the world. On the G7 meeting with invited leaders, including India, the focus was on ways to collaborate on energy security, just energy transitions as well as sustainable and innovative solutions to boost energy access and affordability, mitigating the impact on climate and the environment, technology and innovation, diversifying and strengthening critical mineral supply chains, building infrastructure, and mobilising investment. The G7 leaders have agreed to collaborate with partners on concrete outcomes, to which end they agreed to six joint statements, including securing high-standard critical mineral supply chains, driving secure, responsible and trustworthy AI adoption, boosting cooperation on quantum technology, etc. India is already engaged in discussions in all these areas with most of the G7 members. PM Modi's Interventions: Energy And Terrorism At the summit, Prime Minister Narendra Modi made two interventions. He spoke of India's energy security plans and ambitions, noting that at present, renewable energy accounts for about 50% of our total installed capacity. He also mentioned India's launch of global initiatives such as the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Mission LiFE, Global Biofuels Alliance, One Sun One World One Grid. India, he said, considered it its responsibility to bring the priorities and concerns of the Global South to the world stage. Not surprisingly, the Prime Minister drew the attention of G7 leaders to the grave issue of terrorism bluntly and forcefully. He recalled the Pahalgam attack and spoke of India's neighbourhood becoming a breeding ground of terrorism. He reminded the leaders that there must be no place for double standards when it came to terrorism, and that any country that supported terrorism must be held accountable. He regretted that the reality was quite the opposite. He challenged the G7 leaders when he said: "On the one hand, we are quick to impose various sanctions based on our own preferences and interests. On the other hand, nations that openly support terrorism continue to be rewarded. I have some serious questions for those present in this room". In his second intervention, Prime Minister Modi spoke about technology, AI, and energy. For AI's energy needs, India, he said, was focusing on solar energy and small modular reactors. He pointed out that AI models developed and tested against the benchmark of India's diversity will hold immense relevance and utility for the entire world. The G7 summit provided him with an opportunity to meet the Canadian Prime Minister bilaterally and discuss the state of India-Canada relations and the way ahead. The two leaders agreed to take calibrated and constructive steps to restore stability in the relationship, beginning with the early return of High Commissioners to each other's capitals, restarting senior ministerial as well as working-level engagements across various domains, and exploring opportunities for future collaboration in various areas. The importance of restarting the stalled negotiations on the Early Progress Trade Agreement (EPTA) was flagged. Although the G7 summit was a bit of a damp squib because of internal cracks within the group between the US and others, the invitation to Prime Minister Narendra Modi, despite serious bilateral differences with Canada, was a continued recognition of India's mounting global geopolitical and economic importance.

Time of India

17 minutes ago

• Time of India

Retail credit market: Growth slows to 5% despite RBI rate cut; credit health hits two-year low

India's retail credit market continued to lose momentum in the final quarter of FY2024–25, with fresh loan originations growing at just 5 per cent in March 2025, against the 12 per cent seen a year ago over the corresponding period. This slowdown comes even after the RBI cut its benchmark lending rate by 25 basis points to 6.25 per cent in February. According to TransUnion CIBIL's latest Credit Market Report, released in June, the Credit Market Indicator (CMI) dropped to 97, its lowest reading in two years. A higher CMI score signals a healthier credit market, while a lower score points to weakening conditions. 'The muted demand was more pronounced among consumers 35 years old or younger. Consequently, the share of new-to-credit (NTC) consumers that lenders supplied decreased by three percentage points during the same period, given that a large share of younger consumers constitute the NTC segment,' the report noted. The share of credit enquiries from the under-35 age group dropped to 56 per cent in the March 2025 quarter, from 58 per cent in the same period the previous year. However, there were some bright spots. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Husägare betalar näst intill inget för solpaneler Greenmatch Få offert Undo Credit card delinquencies saw consistent month-on-month declines from January to March. The report, cited by PTI, showed that besides personal loans, the value of loans grew faster than their volume, suggesting a shift towards higher-value borrowing. The rising share of large-ticket home and two-wheeler loans also reflected lenders' growing preference for credit backed by high-value assets. According to the report, home loans exceeding Rs 1 crore grew by 9 per cent year-on-year in the quarter ending March 2025, against the 7 per cent decline seen across the overall home loan segment during the same period last year. High-value two-wheeler loans above Rs 1.5 lakh recorded a 7 per cent annual growth, reversing the 1 per cent contraction seen a year earlier. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Fibre2Fashion

20 minutes ago

• Fibre2Fashion

Indian agrochemical sector eyes recovery with normalising demand

Dip in Exports but Recovery Expected: After steadily rising from FY2020 to FY2023, India's agrochemical exports experienced a sharp year-on-year decline of nearly 22% in FY2024 due to global destocking and pricing pressures. However, a moderate rebound is expected in FY2025, with improving demand and inventory normalisation. Top Export Destinations: The US and Brazil retained their spots as the top two export destinations for Indian insecticides and fungicides over the past five years. However, in FY2025, Japan displaced Brazil as the second-largest export destination for herbicides. Cross-Border Trade Dynamics India's agrochemical exports fell by nearly 22 per cent in FY2024 due to global destocking, Chinese price competition, and weak demand, but a recovery is expected in FY2025. Herbicides led growth with a 20 per cent CAGR and rising export share. The US, Brazil, and Japan remained key markets, with Japan overtaking Brazil as the second-largest herbicide export destination. Exports are navigating headwinds but are expected to recover India's agrochemical exports declined sharply in FY2024, by nearly 22% compared to the previous year, primarily due to global inventory destocking, heightened price competition from China, and subdued demand in key export markets. Distributors worldwide reduced procurement to manage excess stock amid falling prices, while Chinese suppliers re-entered the market with aggressively priced products, making Indian exports less competitive. Additionally, erratic weather patterns impacted agricultural activity in importing countries, further dampening demand. However, exports are expected to recover in the coming years as global inventories stabilise, demand picks up with improved agricultural cycles, and Indian manufacturers adapt with cost-efficient production and diversified portfolios. As a result, the trade surplus (difference between exports and imports) came down from USD 3.6 billion in FY2023 and USD 2.8 billion in FY2024 to USD 2.3 billion in FY2025 (April 2024– February 2025). Importance of Herbicides in Exports Herbicides have emerged as the leading export segment, experiencing the fastest growth at 20% CAGR from FY2020 to FY2025. The share of herbicides in total agrochemical exports increased from 31% to 37% during the same timeframe. This growth is driven by India's cost-effective manufacturing, the rising global demand for affordable herbicides, and the increasing scarcity and cost of agricultural labour, making herbicide-based weed control a more viable choice for farmers. Concentration in Key Markets The export landscape reveals a growing concentration in key markets, as the top five export destinations account for more than 50% share for insecticides and fungicides and nearly 71% for herbicides. Notably, the US and Brazil have maintained their positions as the top export destinations for insecticides and fungicides over the past five years. However, in FY2025, Japan displaced Brazil as the second-largest export destination for herbicides. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (RM)