HIGHLIGHTS
• India’s Forex reserve at $501.7 billion in june 2020 increased by 8,400 per cent from $5.8 billion as of March 1991.
• The Forex are equivalent to almost 1/5th of the country’s gross domestic product.
• India’s foreign exchange reserves at more than USD 500 billion have become 5th largest in world.
• The reserves are estimated to cover 13 months of imports.
Few days ago, India’s foreign exchange reserves rose by $1.27 billion and reached $506.83. The International Monetary Fund has also declared that India’s Forex reserves at more than USD 500 billion have become 5th largest in world after China, Japan, Switzerland and Russia.
Despite economy slowing and economic activities on a halt from past few months, on June 5, 2020 India’s forex reserves hit an all-time high of $501.7 billion. The reserve has increased by almost 8,400 per cent from $5.8 billion as of March 1991 to the current level. It is a significant achievement for the country. The forex reserves today is equivalent to almost 1/5th of the country’s gross domestic product and is estimated to cover 13 months of imports. This is a true sign of India’s economic growth.
What exactly are Forex Reserves?
Basically, the forex reserves are external assets, in the form of gold, SDRs (special drawing rights of the IMF) and foreign currency assets (capital inflows to the capital markets, FDI and external commercial borrowings) accumulated by India and controlled by the Reserve Bank of India.
Denne historien er fra July 2020-utgaven av Investors India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra July 2020-utgaven av Investors India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
ASK THE EXPERT
Ques. One of my friends told me that your company provides detailed Retirement plans. I want to know what is the procedure to get my Retirement plan. I will be retiring in March 2025. R.P Gupta, Noida
How to Naturally Reverse Fatty Liver Disease
The liver, located on the upper-right side of the abdomen, is the body’s largest internal organ and plays a critical role in detoxifying the blood and processing nutrients.
Banking sector which has underperformed in the last two years, now offers a favorable risk-reward profile
Do you think the market is overpriced? Is yes, should investors refrain from investing in index schemes at the current valuation?
India will continue to enjoy benefits of a close US relationship and trade will continue to grow
Q1. The US elections are said to be one of the closest till date, what impact will the election of a Republican / Democratic party have on the US economy and how is that going to affect India in the short as well as the long term?
Understanding Momentum Funds
Momentum funds are a type of investment fund that focuses on companies experiencing positive momentum in factors such as earnings, revenue, and stock price movement.
Risks and opportunities associated with Small Caps
Small-caps are a stock-picker’s paradise.
How to navigate your portfolio through bull market a
Indian equities have been in a bull run for the past four years.
Choosing mutual fund schemes depending on your age to achieve life goals
The choice of mutual fund (MF) scheme might be influenced by one’s risk profile or age.
Thematic Fund Or Sectoral Fund, Which Fund Suits You?
A thematic fund is a type of mutual fund that focuses on investing in companies based on specific themes or trends.
Be Kind To Your Kidneys
The kidney is a vital organ in our body which is four inches long and two and a half inches in width.