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India's forex reserves surge $5.4 billion to all-time high of $560.532 billion

koolzberg

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The country's foreign exchange reserves swelled by $5.412 billion to touch an all-time high of $560.532 billion in the week ended October 23, RBI data showed on October 30. In the previous week ended October 16, the reserves stood at $555.12 billion after increasing by $3.615 billion.

During the reporting week, the surge in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by $5.202 billion to $517.524 billion, the RBI's weekly data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves were up by $175 million in the reporting week to $36.860 billion, as per the central bank data.

The special drawing rights with the International Monetary Fund (IMF) rose by $8 million to $1.487 billion. The country's reserve position with the IMF also climbed by $27 million to $4.661 billion during the reporting week, the data showed.

 

vi-va

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While India GDP shrink 10.4% at least.
By the way, India is the largest Beef exporter. :cheers: but hundreds of millions of India poor people are starving, no beef for them.
 

graphican

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Can someone explain what part of "fact" is true?

Either Indian economy is stable and growing - or India is in a gutter sinking. How can one parameter continue to climb while claims of Indian economy sinking also continue to resound by economists including Indians within?
 

Dark1

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Can someone explain what part of "fact" is true?

Either Indian economy is stable and growing - or India is in a gutter sinking. How can one parameter continue to climb while claims of Indian economy sinking also continue to resound by economists including Indians within?
As long as Pakistan is 'roshan' why tax your grey cells about others ?
 

Norwegian

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The country's foreign exchange reserves swelled by $5.412 billion to touch an all-time high of $560.532 billion in the week ended October 23, RBI data showed on October 30. In the previous week ended October 16, the reserves stood at $555.12 billion after increasing by $3.615 billion.

During the reporting week, the surge in the forex kitty was mainly on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by $5.202 billion to $517.524 billion, the RBI's weekly data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves were up by $175 million in the reporting week to $36.860 billion, as per the central bank data.

The special drawing rights with the International Monetary Fund (IMF) rose by $8 million to $1.487 billion. The country's reserve position with the IMF also climbed by $27 million to $4.661 billion during the reporting week, the data showed.

Good job. May Pakistan learn a lesson
 

CIA Mole

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Can someone explain what part of "fact" is true?

Either Indian economy is stable and growing - or India is in a gutter sinking. How can one parameter continue to climb while claims of Indian economy sinking also continue to resound by economists including Indians within?
Look at their trade balance, they’re importing much less, thus the end up holding more foreign currency
 

CIA Mole

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Which implies their economy is gaining and getting stronger... don't you think?
it means either they’re getting poorer and can’t buy as much or people are saving during hard times

or they have domestic alternatives

either way the indians will tell you it’s a win

but the reality is that Indians import mostly necessities and a drop in that should mean a bad economy

other richer places cut luxury/non-essential goods first.
 

HalfMoon

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Which implies their economy is gaining and getting stronger... don't you think?
it means either they’re getting poorer and can’t buy as much or people are saving during hard times

or they have domestic alternatives

either way the indians will tell you it’s a win

but the reality is that Indians import mostly necessities and a drop in that should mean a bad economy

other richer places cut luxury/non-essential goods first.
India's two biggest import bills are down hence the savings

1) Oil & Gas purchases
2) Imports from China
 

pikkuboss

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it means either they’re getting poorer and can’t buy as much or people are saving during hard times

or they have domestic alternatives

either way the indians will tell you it’s a win

but the reality is that Indians import mostly necessities and a drop in that should mean a bad economy

other richer places cut luxury/non-essential goods first.
GST collections in October 2020 stood at over Rs 1.05 lakh crore, crossing the Rs 1 lakh crore mark for the first time since February 2020.

What's your take on this?
 

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