South Korea's foreign exchange reserves fell by $880 million to $426.99 billion at the end of May, primarily due to market stabilization measures including currency swaps with the National Pension Service. The country maintained its 12th global ranking.
India's economy has been repeatedly reshaped by oil shocks, from inflation and forex pressure to wider economic shifts. The country has navigated five decades of crude disruptions, from the 1973 Arab embargo to the recent Hormuz crisis, adapting its policies and sourcing strategies.
India has restricted silver imports, requiring government approval, to prevent traders from exploiting a duty gap created by a recent tax hike on precious metals via the India-UAE free trade agreement.
India raises import tariffs on gold and silver to 15% to curb imports and ease pressure on foreign exchange reserves
PM Modi has called on citizens to adopt measures aimed at conserving foreign exchange, as the surge in oil prices triggered by the Iran conflict has intensified pressure on the rupee and strained India’s foreign exchange reserves.
Defence Minister Rajnath Singh assured citizens that India is prepared for global supply chain disruptions, with ample petroleum products and robust foreign exchange reserves. He urged fuel conservation to ease the nation's financial burden amid high international crude prices. The government is implementing measures for fuel efficiency and responsible consumption.
Prime Minister Modi urged Indians to halt gold purchases for a year to protect foreign exchange reserves, a call supported by GTRI which highlighted a surge in gold imports straining the trade balance. Union Minister Ashwini Vaishnaw echoed the appeal, emphasizing reduced import spending amid Middle East conflict, leading to a sell-off in jewellery stocks.
Jewellery stocks saw a sharp decline on Monday. Prime Minister Narendra Modi appealed to citizens to reduce gold purchases. This call aims to preserve foreign exchange reserves. Major jewellery companies experienced significant drops in their share prices. Investors reacted quickly to the potential demand impact. Indian equities opened lower amid global concerns.
India's foreign exchange reserves experienced a significant drop of $7.794 billion, reaching $690.693 billion in the week ending May 1. This decline, primarily driven by a fall in foreign currency assets and gold reserves, follows a previous decrease. The central bank's intervention in the forex market to support the rupee is a key factor behind this trend.
Pakistan’s bid to mediate between the US and Iran has put Islamabad near the centre of efforts to defuse the Middle East conflict, but with no lasting peace yet in sight, its fragile economy is becoming increasingly exposed to the fallout from the war. While soaring oil prices and disrupted flows through the Strait of Hormuz have led to turmoil in global energy markets, analysts said Pakistan has especially limited room to absorb the blow because of its thin foreign exchange reserves, dependence...
India's foreign exchange reserves surged by $2.362 billion to $703.308 billion in the week ending April 17, following a previous gain of $3.825 billion. This increase, driven by rising foreign currency assets and gold reserves, marks a rebound after a decline caused by Middle East geopolitical tensions.
