Forex reserves scale record high of $442.5 billion

[lover]

India's forex reserves increased by USD 1.832 billion to a new lifetime high of USD 442.583 billion in the week ended October 25, helped by a jump in core currency assets and value of gold, RBI data showed on Friday.

The overall kitty had expanded by USD 1.04 billion to USD 440.751 billion in the previous reporting week.

For the week under review, foreign currency assets, which are the biggest part of the reserves, increased by USD 1.642 billion to USD 410.453 billion, as per the data.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves.

The value of the gold reserves increased by USD 191 million to USD 27.052 billion for the week.

The special drawing rights with the International Monetary Fund was up by USD 1 million to USD 1.441 billion.

The country's reserve position with the Fund dipped by USD 2 million to USD 3.637 billion, the data showed.
https://www.businesstoday.in/curren...record-high-of-4425-billion/story/388019.html

 

[Chhatrapati]

I was skeptical of it, but I see the point. We should be safe from any botched trade wars that could spill over to us. Or even a global recession is in the line so it's better to buckle up before it's too late.