Rama Krishna Sangem
India’s forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on May 24, Friday.
This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17.
India’s forex reserves jumped $4.549 billion to a new all-time high of $648.7 billion for the week ended May 17, the Reserve Bank said on Friday.
This is the third consecutive week of increase in the overall kitty, which had increased by $2.561 billion to $644.151 billion in the previous reporting week ended May 17.
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.
Gold reserves increased $1.244 billion to $57.195 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up $113 million to $18.168 billion, the apex bank said.
India’s reserve position with the IMF was down $168 million to $4.327 billion in the reporting week, the apex bank data showed.
India stands stronger
Indian economy is going great guns, as per the data furnished by the RBI for the last few weeks or for that matter, months. The amount of foreign exchange reserves touching new peaks is nothing but continuation of a trend that triggered the central bank announcing a surplus of Rs 2.11 lakh crore to the Government of India this week.
Compared to other developing countries like Russia, Brazil or even South Africa, Indian economy is in a better position now.
