Budget 2021: Forex reserves reach a high of $585 billion in Jan 2021
India's foreign exchange reserve stood at $585.334 billion in the week ended January 22. It had touched a life-time high of $586.082 billion in the week ended January 8
- Feb 1, 2021,
- Updated Feb 1, 2021 7:45 AM IST
Among the few positives in the Indian economy currently is the high foreign exchange reserve. India's foreign exchange reserve stood at $585.334 billion in the week ended January 22. It had touched a life-time high of $586.082 billion in the week ended January 8. Last year, on December 25, 2020 the foreign exchange reserve stood at $580.841 billion 2020, according to RBI data.
Meanwhile, the gold reserves rose by $398 million to $36.459 billion in the week ended January 22, the data showed.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) were at $1.510 billion and the country's reserve position with the IMF surged to $5.145 billion.
Last year, on December 27, 2019, the country foreign reserves stood at $457.468 billion.
It was in 2020, that India's foreign reserves had breached the $500 billion mark. On June 12, India's foreign exchange reserves climbed to $501.703 billion. Since then, there's an uptrend in the country's foreign reserves.
According to the Central bank, between April and September 2020, there was an increase in the foreign exchange reserves.
On a balance of payments basis (that is, excluding valuation effects), foreign exchange reserves increased by $ 51.4 billion during April-September 2020 as compared with US$ 19.1 billion during April-September 2019. Foreign exchange reserves in nominal terms (including valuation effects) increased by $ 66.9 billion during April-September 2020 as compared with $20.8 billion in the corresponding period of the preceding year.
The valuation gain, reflecting the depreciation of the US dollar against major currencies and increase in gold prices, amounted to $15.5 billion during April-September 2020 as compared with $1.7 billion during April-September 2019.
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Among the few positives in the Indian economy currently is the high foreign exchange reserve. India's foreign exchange reserve stood at $585.334 billion in the week ended January 22. It had touched a life-time high of $586.082 billion in the week ended January 8. Last year, on December 25, 2020 the foreign exchange reserve stood at $580.841 billion 2020, according to RBI data.
Meanwhile, the gold reserves rose by $398 million to $36.459 billion in the week ended January 22, the data showed.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) were at $1.510 billion and the country's reserve position with the IMF surged to $5.145 billion.
Last year, on December 27, 2019, the country foreign reserves stood at $457.468 billion.
It was in 2020, that India's foreign reserves had breached the $500 billion mark. On June 12, India's foreign exchange reserves climbed to $501.703 billion. Since then, there's an uptrend in the country's foreign reserves.
According to the Central bank, between April and September 2020, there was an increase in the foreign exchange reserves.
On a balance of payments basis (that is, excluding valuation effects), foreign exchange reserves increased by $ 51.4 billion during April-September 2020 as compared with US$ 19.1 billion during April-September 2019. Foreign exchange reserves in nominal terms (including valuation effects) increased by $ 66.9 billion during April-September 2020 as compared with $20.8 billion in the corresponding period of the preceding year.
The valuation gain, reflecting the depreciation of the US dollar against major currencies and increase in gold prices, amounted to $15.5 billion during April-September 2020 as compared with $1.7 billion during April-September 2019.
Also Read: Budget 2021: Will govt increase income tax relief on medical bills?
Also Read: Budget 2021: How is 'Skill India' doing?