Thursday, December 2nd, 2021

Figures: There is a decrease in foreign exchange reserves, but the increase in the gold reserve of the country

Amazon Sale

Amazon Sale


PTI, New Delhi

Published by: Dimple Aladhi
Updated Sat, 09 Oct 2021 09:26 AM IST

Summary

Foreign exchange reserves are used to pay off liabilities when needed. It consists of foreign currency assets, gold reserves and other reserves in the IMF, of which foreign currency assets hold the largest share after gold.

hear the news

The country’s foreign exchange reserves fell by $ 1.169 billion to $ 637.477 billion in the week ended October 1. Adequate foreign exchange reserves are very important for a healthy economy. It provides much needed help to the economy in times of economic crisis to support imports. Earlier, according to the data released by the Reserve Bank of India (RBI), in the week ended September 24, 2021, it had declined by $ 997 million and reached the level of $ 638.646 billion. Prior to that, in the week ended September 3, 2021, it had increased by $ 8.895 billion to $ 642.453 billion.

hence the fall
This decline in foreign exchange reserves has come from a reduction in foreign currency assets (FCAs). FCAs declined by $1.28 billion to $575.451 billion. Foreign currency assets also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves.

increase in gold reserves
During this period, the country’s gold reserves increased by $ 128 million and reached $ 37.558 billion. The country’s Special Drawing Rights (SDR) with the International Monetary Fund (IMF) declined by $138 million to $19.24 billion. The International Monetary Fund (IMF) allocates normal SDRs to its members in proportion to their existing quotas in the multilateral lending agency.

Forex reserves increased by $34.1 billion in June quarter
Talking about the June quarter, during this period, foreign exchange reserves increased in symbolic form by $34.1 billion, from $27.9 billion in the same period a year ago. The valuation gain, reflecting the depreciation of the dollar against major currencies and a rise in gold prices, during the April-June 2021 period stood at $2.2 billion as against $8 billion in the year-ago period.

Expansion

The country’s foreign exchange reserves fell by $ 1.169 billion to $ 637.477 billion in the week ended October 1. Adequate foreign exchange reserves are very important for a healthy economy. It provides much needed help to the economy in times of economic crisis to support imports. Earlier, according to the data released by the Reserve Bank of India (RBI), in the week ended September 24, 2021, it had declined by $ 997 million and reached the level of $ 638.646 billion. Prior to that, in the week ended September 3, 2021, it had increased by $ 8.895 billion to $ 642.453 billion.

hence the fall

This decline in foreign exchange reserves has come from a reduction in foreign currency assets (FCAs). FCAs declined by $1.28 billion to $575.451 billion. Foreign currency assets also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves.

increase in gold reserves

During this period, the country’s gold reserves increased by $ 128 million and reached $ 37.558 billion. The country’s Special Drawing Rights (SDR) with the International Monetary Fund (IMF) declined by $138 million to $19.24 billion. The International Monetary Fund (IMF) allocates normal SDRs to its members in proportion to their existing quotas in the multilateral lending agency.

Forex reserves increased by $34.1 billion in June quarter

Talking about the June quarter, during this period, foreign exchange reserves increased in symbolic form by $34.1 billion, from $27.9 billion in the same period a year ago. The valuation gain, reflecting the depreciation of the dollar against major currencies and a rise in gold prices, during the April-June 2021 period stood at $2.2 billion as against $8 billion in the year-ago period.

.



Source link

Tension: China furious at US-Canada by sending warships via Taiwan, army on high alert

Agency, Beijing. Published by: Yogesh Sahu Updated Tue, 19 Oct 2021 12:36 AM IST hear the news hear the news China’s military has condemned the sending of warships by the US and Canada through...

Danish Kaneria’s Ranatunga succinctly – ‘Targeted Team India to stay in the limelight’

Highlights: Danish Kaneria said this statement of Ranatunga is wrong Ranatunga targets India for being in limelight Kaneria said that the standard of Sri Lankan cricket is continuously falling India has only helped Sri...

Pfizer close to India’s contract for supply of COVID-19 vaccine: CEO

WashingtonAmerican pharmaceutical company Pfizer CEO Dr Albert Borla said on Tuesday that the company is in the final stages of an agreement with India for the supply of Kovid-19 vaccines. He also remarked that...