India’s Forex reserves ease after hitting over nine-month highs

 MUMBAI: India’s foreign exchange reserves fell by USD 2.16 billion to USD 584.24 billion on a weekly basis as of April 21, according to the Reserve Bank of India’s data released on Friday. During the prior week that ended on April 14, they rose by USD 1.657 billion to USD 586.412 billion, witnessing a level not seen in more than nine months. According to RBI’s latest data, India’s foreign currency assets, the biggest component of the forex reserves, fell by USD 2.14 billion to USD 514.48 billion.

Gold reserves during the latest week fell by USD 24 million to USD 46.15 billion.

In October 2021, the country’s foreign exchange reserves touched an all-time high of about USD 645 billion. Much of the decline can be attributed to RBI's recent intervention and a rise in the cost of imported goods.

Also, the forex reserves had fallen largely because of the RBI’s intervention in the market to defend the depreciating rupee against a surging US dollar. Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.

The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band. (ANI)

Union Minister for heavy industries reviews thermal projects executed by BHEL

New Delhi, April 29: There is a need for systematic improvements and formulation of project-specific teams to ensure timely execution of high-value national importance power projects, said Mahendra Nath Pandey, Union Minister for Heavy Industries, while reviewing the under-construction thermal project being executed by BHEL for central and state utilities here on Friday.

Pandey also mentioned that projects like North Karanpura and Patratu need to be accorded on highest priority for their earliest possible commissioning. According to the Union Minister, these projects are of national importance which also includes Maitree Thermal Project being developed by BIFPCL in Bangladesh and being executed by BHEL. Chairman and managing director, director for power and HR-additional charge and other officials of BHEL briefed the minister on the present status of the projects. He expressed deep concern over the excessive delay in some of the projects and directed CMD of BHEL to take immediate necessary measures. In view of the increasing power demand in the country, Pandey emphasized the need to complete the projects in time bound manner in close co-ordination with the utilities.

The Minister acknowledged the efforts of BHEL in commissioning Unit 1 of Maitree Bangladesh project, commissioning Unit 1 of North Karanpura Power Project (NKPP), with the country's first air cooled condenser (ACC). In this regard, the Union Minster directed BHEL to ensure the commissioning of the Second Unit of NKPP by October, 2023 and Third Unit by March, 2024, according to a statement from the Ministry of heavy industries. (ANI)

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