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India's forex reserves inch up to $476 bn

  •   Sat, Feb 29 2020 08:09:39 AM

Mumbai, Feb 29 (IANS): India's foreign exchange reserves were flat with a slight rise of $29 million during the week ended February 21.

According to the RBI's weekly statistical supplement, the overall forex reserves, which are already at a record high, increased to $476.12 billion from $476.09 billion reported for the week ended February 14.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, declined by $490 million to $441.46 billion.

However, the value of the country's gold reserves rose by $539 million to $29.66 billion.

Conversely, the SDR value inched lower. It slipped by $4 million to $1.43 billion, while the country's reserve position with the IMF fell by $15 million to $3.58 billion.
  

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Comment on this article

  • Ramesh Kumar Nanjundaiya, Sunnyvale, California, US

    Sun, Mar 01 2020

    Very good news for the economy of India. Through a series of reforms in the last 4 years, India has jumped up 65 positions in latest The World Bank Ease of Doing Business report. The next stage is to be within the global top 50 countries. Indian Foreign Exchange reserves: One of the important tools to work towards a US$ 5 Trillion economy for India is to try and double it present foreign exchange holding (forex) of US$ 476 billion to about US$ 920 billion within the next 5 years. China has foreign currency reserves of US $3.1 trillion. Forex is considered a very important indicator of a country’s economic health and growth prospects. Increased forex reserves (by expanding exports massively of goods and services and seeking inward foreign remittances and foreign direct investments for viable businesses and joint ventures) allow a nation to maintain liquidity during an economic emergency. They also make a country more attractive to foreign investors as India is a consumerism oriented country, free imports of Harley Davidson motorcycles should be allowed on Indian roads.
    My research and data study indicates to me that new areas for partnership are fast emerging in 2020 and beyond between the USA and India in such areas as cellphone manufacturing, semiconductor, renewable energy, road building technologies, infrastructure, Venture capital funding for start-ups (there is US$ 15 billion available up for grabs - China lost it), fintech and health sciences, all fields where the USA has extensive expertise and India’s needs and capacities are growing. Bilateral trade in 2018 was $142 billion, a 12.6 percent increase from 2017. U.S. energy exports are an important area of growth in the trade relationship.

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  • mohan, Mangalore

    Sat, Feb 29 2020

    Yesterday share market was fall 1400 points .... and today government giving news of forex reserve increase...... is this is real..... this is all fake news to fool people ....

    DisAgree [6] Agree [6] Reply Report Abuse

  • Sahil, Mangaluru

    Sat, Feb 29 2020

    Feku sochta rahega Bole to kya bole....... Kahe to kya Kahe........

    DisAgree [5] Agree [7] Reply Report Abuse

  • David Pais, Mangalore

    Sat, Feb 29 2020

    fake news from fakus

    DisAgree [6] Agree [5] Reply Report Abuse

  • Deshbhakht, Mangalore

    Sat, Feb 29 2020

    Before Modi-supporters start celebrating, please also note that the GDP rate has slowed down to 7 year low, to 4.7 %

    Forex is not the result of 'Make in India' but salary remittance of Indians abroad and exports - probably Beef. Now please celebrate !

    DisAgree [6] Agree [8] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Sat, Feb 29 2020

    India should now concentrate on Improving GDP ...

    DisAgree [2] Agree [8] Reply Report Abuse

  • Anees Anna, Kudla

    Sat, Feb 29 2020

    GDP improved from 4.5% to 4.7% , but again corona can kill the GDP

    DisAgree [1] Agree [3] Reply Report Abuse


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