Connect with us

Business News

India’s Forex Reserves Down by $ 249 Million to $ 583.697 Billion: RBI Data

Published

on

News18 Logo


Mumbai: The country’s foreign exchange reserves fell by USD 249 million to USD 583.697 billion in the week ended February 12, RBI data showed on Friday. In the previous week, the reserves had declined by USD 6.24 billion to stand at USD 583.945 billion.

It had touched a record high of USD 590.185 billion in the week ended January 29, 2021. In the reporting week, the decrease in reserves was mainly due to a fall in the foreign currency assets (FCAs), a major component of the overall reserves. FCAs decreased by USD 1.387 billion to USD 540.951 billion, weekly data by the Reserve Bank of India (RBI) showed.

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. After falling for two consecutive weeks, the gold reserves rose by USD 1.26 billion to USD 36.227 billion in the week ended February 12. The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by USD 10 million to USD 1.513 billion. However, the country’s reserve position with the IMF declined by USD 132 million to USD 5.006 billion in the reporting week, as per the data.



Click to comment

Leave a Reply

Business News

Airline CEOs, Biden Officials Consider Green-Fuel Breaks

Published

on

News18 Logo


Chief executives of the nation’s largest passenger and cargo airlines met with key Biden administration officials Friday to talk about reducing emissions from airplanes and push incentives for lower-carbon aviation fuels.

The White House said the meeting with climate adviser Gina McCarthy and Transportation Secretary Pete Buttigieg also touched on economic policy and curbing the spread of COVID-19 travel has been a vector for the virus. But industry officials said emissions dominated the discussion.

United Airlines said CEO Scott Kirby asked administration officials to support incentives for sustainable aviation fuel and technology to remove carbon from the atmosphere. In December, United said it invested an undisclosed amount in a carbon-capture company partly owned by Occidental Petroleum.

A United Nations aviation group has concluded that biofuels will remain a tiny source of aviation fuel for several years. Some environmentalists would prefer the Biden administration to impose tougher emissions standards on aircraft rather than create breaks for biofuels.

Biofuels are false solutions that dont decarbonize air travel, said Clare Lakewood, a climate-law official with the Center for Biological Diversity. Real action on aircraft emissions requires phasing out dirty, aging aircraft, maximizing operational efficiencies and funding the rapid development of electrification.

Airplanes account for a small portion of emissions that cause climate change about 2% to 3% but their share has been growing rapidly and is expected to roughly triple by mid-century with the global growth in travel.

The airline trade group says U.S. carriers have more than doubled the fuel efficiency of their fleets since 1978 and plan further reductions in carbon emissions. But the independent International Council on Clean Transportation says passenger traffic is growing nearly four times faster than fuel efficiency, leading to a 33% increase in emissions between 2013 and 2019.

The U.S. accounts for about 23% of aircraft carbon-dioxide emissions, followed by Europe at 19% and China at 13%, the transportation group’s researchers estimated.

The White House said McCarthy, Buttigieg and economic adviser Brian Deese were grateful and optimistic to hear the airline CEOs talk about current and future efforts to combat climate change.

Nicholas Calio, president of the trade group Airlines for America, said the exchange was positive.

Airlines are ready, willing and able partners, and we want to be part of the solution” to climate change, Calio said in a statement. We stand ready to work in partnership with the Biden administration.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor



Continue Reading
Advertisement "Pages & Posts Ads Section"

Recent Posts

Trending

%d bloggers like this: