Will Rising Forex reserves raise India’s economy?
The overall foreign exchange reserves (Forex reserves) had increased by $2.54 billion to reach $353.40 million for the week ended March 11.
The foreign-currency assets (FCA), which will be the biggest component of India’s Forex reserves, increased by $2.50 million to $332.50 thousand during the week under review.
Throughout the week ended March 11, the FCA had augmented by $2.52 billion to $329.99 billion.
Apart from the United States dollar, the FCA consists of almost 20-30% of additional low-USDollar major international currencies, securities and bonds.
The complete reservations worth that is foreign is impacted by the personal actions of the monies against the United States dollar.
The country’s gold reserves remained stagnant at $19.32 million. However, the specific drawing rights (SDRs) gained by $12.1 zillion to $1.49 billion. For the week ended March 1-1, the SDRs inched up by $7.2 million to $1.48 billion.
Similarly, the nation’s reserve position with the IMF (International Monetary Fund) edged higher by $21.1 million to $2.61 billion.
The reserve position with IMF had gained $12.7 million to $2.59 billion for the week ended March 11.
(IANS)
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