Increase in foreign exchange reserves
The country’s foreign exchange reserves have increased by US $ 4.483 billion and reached a new record of 585.324 billion dollars.
Increase in currency reserves due to increase in FCA
According to the data released by the Reserve Bank of India on Friday, the currency reserves rose due to the increase in foreign currency assets (FCA), which is a major part of the total reserves. According to the RBI’s weekly data, foreign currency assets increased by $ 4.168 billion to reach $ 541.642 billion. Foreign currency assets are seen in dollar terms. This includes the impact of the rise and fall in non-US units held in the Foreign Exchange Reserve, such as the euro, pound and yen.
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According to central bank data, gold reserves rose by $ 315 million to $ 37.026 billion in the week under review. There was no change in the special drawing rights held by the International Monetary Fund and stood at $ 1.510 billion. According to the data, the country’s stock position with the IMF during the week under review was also at $ 5.145 billion, similar to the previous week.
The country’s foreign exchange reserves crossed $ 500 billion for the first time during the week ended June 5 last year and crossed $ 550 billion during the week ended October 9.
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Signs of improvement in the economy
After the corona virus hit, the Indian economy is recovering faster than most estimates. An article titled ‘State of the Economy’ in the RBI Bulletin states that the economy may come into positive range in the third quarter (Q3). This bulletin states that there are many examples that indicate that the Indian economy is recovering rapidly from the Kovid-19 hit. This pace of economy is much better than most estimates.