Forex Reserves Slipped By $ 4 Billion From Their All-Time High
Forex reserves slipped by $ 4 billion from their all-time high, the value of gold reserves also decreased.
The country’s forex reserves fell by $4.148 billion to $603.933 billion from their all-time high during the week ended June 18.
According to the Reserve Bank of India (RBI) data, the effect of a decline in gold reserves and foreign currency assets was visible on the gross foreign exchange reserves.
Earlier, in the week ended June 11, foreign exchange reserves had increased by $ 3.074 billion to a record $ 608.081 billion.
According to the information given by the Reserve Bank of India (RBI), the foreign currency assets (FCA) declined by $ 1.918 billion during the reporting week.
After this fall, the value of FCA stood at $561.540 billion.
The FCA covers currencies such as the euro, pound, and yen, including the dollar. Their value is also calculated in dollar terms only.
At the same time, during the week ending June 18, the value of the country’s gold reserves also fell by $ 2.170 billion to $ 35.931 billion.
The SDR (Special Drawing Rights) in the International Monetary Fund (IMF) declined by $14 million to $1.499 billion.
At the same time, the country’s reserves with the IMF also decreased by $ 46 million to $ 4.965 billion.
On the day of power projects of 25,000 MW, the Ministry of Petroleum and Power is making a strategy together
Seeing the ever-increasing prices of crude oil in the international market, the central government has stepped up efforts to revive the pending gas-based power projects for years.
Two and a half dozen such projects of about 25,000 MW capacity are currently lying idle due to gas shortage.
Now the Petroleum Ministry and the Power Ministry are working together to prepare a strategy, under which gas will be supplied to the power companies at a stable price for a long time.
For this, the government is making a strategy of several phases.
Domestic companies like Reliance Industries Limited (RIL) and state-owned Oil and Natural Gas Corporation (ONGC) will be heavily under pressure to make this strategy a success.
