India’s forex reserves surge to record $392.86 billion

[doe33]

India’s forex reserves surged by $1.536 billion to touch a new record of $392.867 billion during the week to 28 July, RBI data

Mumbai: India’s foreign exchange reserves, or forex reserves, surged by $1.536 billion to touch a new record of $392.867 billion during the week to 28 July, data released by the Reserve Bank of India (RBI) showed.

In the previous week, forex reserves had increased by $2.27 billion to $391.33 billion.

The surge in India’s forex reserves was driven by rise in foreign currency assets (FCAs).

FCAs, a major component of the overall forex reserves, rose by $1.609 billion to USD 368.759 billion, the RBI data showed. Expressed in US dollar terms, FCAs include effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves.

Gold reserves remained unchanged at $20.35 billion.



The special drawing rights with the International Monetary Fund (IMF) went up by $3.9 million to $1.495 billion. The country’s reserve position with the IMF declined by $77.2 million to $2.263 billion, RBI said.

http://www.livemint.com/Money/2k99H...x-reserves-surge-to-record-39286-billion.html

 

[Nexus]

392 Billion is nothing but peanuts when we look at Total Potential of market of 1.3 billion people. with help of North South corridor (connecting Russia via Iran) and Western Corridor (connecting Haryana with Mumbai) and express Highway project we can expect a huge Nationwide boom in transportation Industry. fast moving of goods and materials will also decrease cost and it will be very beneficial for Industries located in land locked states of North India.

 

[Loft38]

500 billion should be our target for the year end.

 

[kaykay]

Not enough.....still a very long way to go!!

 

[ashok321]

India’s forex reserves surge to record $392.86 billion

And each year's trade deficit = 130 billions alone, which nobody talks about, knows (nothing about) about:

Everything looks yellow to a jaundiced eye...Lol
And if thats not enough, India owes a lot to IMF/WB/ADB to name a few entities.

India's external debt declines to USD 456 billion in Dec'16

India owes more than its FOREX reserves, which no RSS/Safronist talks about..

LOL

 

[doe33]

India’s forex reserves surge to record $392.86 billion

And each year's trade deficit = 130 billions alone, which nobody talks about, knows (nothing about) about:

View attachment 416189

Everything looks yellow to a jaundiced eye...Lol
And if thats not enough, India owes a lot to IMF/WB/ADB to name a few entities.

With such growth forecast & investment coming it's normal for major developing economics.

 

[Bharat Muslim]

What is the meaning of forex reserves?

 

[Fireurimagination]

Rupee is strengthening against dollar every given day, is that a good thing or bad thing for forex reserves?

 

[SleeveofWizard]

Cheap Oil is the main reason.

 

[ashok321]

Cheap oil, good monsoon, and inheritance of apx 300 billion FOREX reserves from past (Congress) government in 2014 handover.

What did Modi do here?

Instead Modi has borrowed more from overseas and maintained a current account deficit and a trade deficit which is ballooning every month to the detriment of Indian economy, and Right wingers are KHAMOSH willfully.

Tiny Hong Kong and Taiwan has more FOREX than India.

Lol

 

[KRAIT]

Cheap oil, good monsoon, and inheritance of apx 300 billion FOREX reserves from past (Congress) government in 2014 handover.

What did Modi do here?

Instead Modi has borrowed more from overseas and maintained a current account deficit and a trade deficit which is ballooning every month to the detriment of Indian economy, and Right wingers are KHAMOSH willfully.

Yeah...we will leave it to Rahul Baba for his drugs addiction.

 

[doe33]

What is the meaning of forex reserves?

http://www.investopedia.com/terms/f/foreign-exchange-reserves.asp

 

[SleeveofWizard]

Cheap oil, good monsoon, and inheritance of apx 300 billion FOREX reserves from past (Congress) government in 2014 handover.

What did Modi do here?

Instead Modi has borrowed more from overseas and maintained a current account deficit and a trade deficit which is ballooning every month to the detriment of Indian economy, and Right wingers are KHAMOSH willfully.

Tiny Hong Kong and Taiwan has more FOREX than India.

Lol

Had congress not looted the country for 60 years, Modi would have inherited 3 trillion instead of 300 billion in 2014.

 

[Anish1]

Had congress not looted the country for 60 years, Modi would have inherited 3 trillion instead of 300 billion in 2014.

Well said. That shut him up for good

 

[ashok321]

Had congress not looted the country for 60 years, Modi would have inherited 3 trillion instead of 300 billion in 2014.

Who voted Congress year after years?
Pakistanis or Bangladeshis?

Or Indian Hindus?