Forex reserves 60 million Doller- The country’s foreign exchange reserves crossed the $ 60 million mark for the first time: For the first time in the history of the country’s foreign exchange reserves, it has crossed $ 60 million.
According to the data released by the Reserve Bank of India:
India’s foreign exchange reserves stood at Rs 684 crore for the week ended June 4, 2021.
(approximately Rs 51,000 crore in Indian currency) and reached $60,500 million. This is the first time in its history that forex has crossed the milestone of $60,000 million.
Forex reserves rose by $527 billion to $59,816 billion for the week ended May 28.
Forex reserves 60 million Doller
Forex reserves rose to an all-time high in the week ended May 28 on the back of an increase in the value of foreign currency assets (FCAs), which play a major role in the overall reserves.
During the week under review, FCAs rose by $736 billion to $59,816 billion.
Foreign Exchange Reserves
Other currencies, including the euro, pound and yen, are in foreign exchange reserves. When these are revalued in dollars, foreign exchange reserves tend to fluctuate according to fluctuations in external value.
During the week under review, gold reserves fell by $ 50 billion to $ 3,760 billion.
IMF’s Special Exemption License [SDO]
Similarly, the International Monetary Fund’s Special Exemption License (SDO) declined by $ 10 million to $ 151 billion and the country’s reserve fund by $ 1.6 billion to $ 500 billion, according to the Reserve Bank data.
The country’s foreign exchange reserves are on the verge of crossing $60,000 billion in last week’s monetary policy announcement. It is noteworthy that Reserve Bank Governor Shaktikanta Das said that this has given a lot of hope to deal with the challenges facing the international level.
Madan Sapnavis, Chief Economist, Core Ratings, said: “Forex reserves have hit historic highs, which is one of the positive signs. This will help strengthen the country’s forex reserves. The current stock of soybeans is 15%, he added. -18 months is enough to import into our country.