RBI Foreign Reserves reached a new record of $ 609 billion with a jump of $5 billion this week. According to economic experts, this reserve is very important for the country’s economy and it should increase further.
India is capable of importing for 15 months.
India Foreign Exchange reserves: The country’s foreign exchange reserves increased by $5.066 billion to a record high of $608.999 billion in the week ended June 25, 2021. According to the data of the Reserve Bank of India, in the previous week ended June 18, the foreign exchange reserves had decreased by $ 4.418 billion to $ 603.933 billion.
According to the Bloomberg report, foreign exchange reserves are very important for the Indian economy. Economic experts say that the Reserve Bank of India is continuously depositing money and FDI coming in the stock market in its contingency fund. This is necessary for the economy of the country amid the Corona crisis. If RBI has sufficient reserves, there will be a positive impact on the credit rating and this will also strengthen investor sentiment. The Indian economy is currently welcoming investors with open arms.
India ready for 15 months import
At present, India is capable of importing for 15 months. Japan has 22 months of reserves. India has the largest foreign exchange reserves after China, Japan, Switzerland and Russia. Switzerland has the ability to import up to 39 months. Economic experts say that when the country’s economy comes out of the Corona crisis, then imports will increase and for that time this fund is very important.
FCA reaches $566 billion
According to the Reserve Bank’s weekly data, the increase in foreign exchange reserves for the week ended June 25 is due to the increase in foreign currency assets (FCA), which is a major component of the overall reserves. During this period, FCA increased by $ 4.7 billion to $566.24 billion. Foreign currency assets, expressed in dollar terms, also include the effect of an increase or decrease in the value of other foreign currencies, such as the euro, pound and the N, held in foreign exchange reserves.
Gold reserves $ 36.29 billion
According to the data, during this period, gold reserves increased by $ 365 million to $ 36.296 billion. At the same time, there was no change in the Special Drawing Rights (SDR) with the International Monetary Fund at $ 1.498 billion. The Reserve Bank said that during the week under review, there was a slight increase in India’s reserves with the IMF. It increased by $1 million to $4.965 billion.
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