India forex reserve shrinks now to 275 $US Billion

[xhw1986]

India’s forex reserves, in the week ended August 30, slumped a massive $2.23 billion to $275.49 billion. The foreign currency assets, which form a large part of the forex reserves, plunged a whopping $3.08 billion to $247.40 billion.

In the previous reporting week ended August 23, the forex reserves were $277.72 billion.

Gold reserves, in the latest reporting week, were up $977.1 million to $21.72 billion.

Special Drawing Rights and the country’s reserve position in the International Monetary Fund were down $14.9 million and $112.5 million to $4.37 billion and $1.99 billion, respectively.

Forex reserves slump $2.23 b to $275.5 billion | Business Line

 

[AMCA]

Technically there is nothing to LOL about although u may have a smile... Nevertheless, India's economic crisis will be resolved when our gold reserves which by the grace of god we have in abundant in the country are included in the Forex Account. I am sure the govt is trying hard to have them included and if successful, then we are promoted to one of the largest asset classes in the world, leading to liquidity and also an entry to foreign exchange market with an investment firm of our own.

If we make it to the Forex market, then we should be having no trouble penetrating huge volumes, as Indian Rupee stands in a comfortable position in the list of Most traded currencies by value.

 

[phylumchordata]

that LOL says a lot about Chinese mentality. those who LOL at others pain are LOLED AT in their plights.

 

[Star Wars]

Technically there is nothing to LOL about although u may have a smile... Nevertheless, India's economic crisis will be resolved when our gold reserves which by the grace of god we have in abundant in the country are included in the Forex Account. I am sure the govt is trying hard to have them included and if successful, then we are promoted to one of the largest asset classes in the world, leading to liquidity and also an entry to foreign exchange market with an investment firm of our own.

If we make it to the Forex market, then we should be having no trouble penetrating huge volumes, as Indian Rupee stands in a comfortable position in the list of Most traded currencies by value.

its estimated we have 900-1000$billion worth of gold in India when it comes to current price of gold

 

[beijingwalker]

so you people should get paid by gold,since the money in your pockets is worth next to nothing.there's report that overseas Indian students got hit the hardest.

 

[conworldus]

Of course, the RBI has been selling dollars to prop up the rupee like crazy so foreign investors can have a profitable exit.

 

[Parul]

 

[Sukapha]

So Indian reserves fall by 0.80% (read zero point 8 percent i.e. less than 1%) and a Chinese troll writes LOL. Another example of low IQ and lack of mathematical ability amongst the Chinese.

 

[AADHAAR]

RBI has a stated policy of not taking a view on the level of the rupee; it only intervenes to reduce volatility.

A wise policy, in my view.

The USDINR is among the top ten traded currency pairs in the world and the market is pretty deep and highly liquid.

Free and liquid markets are the best .. and it is an autocorrect mechanism. Look at what's happening to exports ... RMG exporters are running out of capacity, and exports of auto and steel sectors are rising. On the other hand, domestic tourist sector had got a shot up.

All in all, a wise policy of RBI to let markets operate freely.

 

[AMCA]

so you people should get paid by gold,since the money in your pockets is worth next to nothing.there's report that overseas Indian students got hit the hardest.

We already are getting paid in gold man. Every Rupee in our pocket has a gold reserve...

 

[Icewolf]

its estimated we have 900-1000$billion worth of gold in India when it comes to current price of gold

There's one problem with that..
It's that Indians *** use gold as investment property..

 

[beijingwalker]

We already are getting paid in gold man. Every Rupee in our pocket has a gold reserve...

but why it depreciates so fast,does it mean you get less and less gold?

 

[AMCA]

but why it depreciates so fast,does it mean you get less and less gold?

No, because there is a huge demand for gold in India that the govt can hardly upgrade its reserves and mint some extra coins.

 

[American_Millenium]

Technically there is nothing to LOL about although u may have a smile... Nevertheless, India's economic crisis will be resolved when our gold reserves which by the grace of god we have in abundant in the country are included in the Forex Account. I am sure the govt is trying hard to have them included and if successful, then we are promoted to one of the largest asset classes in the world, leading to liquidity and also an entry to foreign exchange market with an investment firm of our own.

If we make it to the Forex market, then we should be having no trouble penetrating huge volumes, as Indian Rupee stands in a comfortable position in the list of Most traded currencies by value.

Gold reserves for India are around $20 billion. That is not significant.

And India's Rupee is nowhere near being one of the most traded currencies by value. I believe India is around 15th in this regard.

 

[Hulk]

We are in trouble no doubt,but it is also true that we can bounce back and we will bounce back. The current government is taking some steps. The politics of election is holding us back. When India was doing well and some of Indians here were talking about big things I use to say it is wrong to predict we will stay course or go up. The same way negativity is spread now, I am telling this that it will not be there for long. We will bounce back and signs will show up by end of year. Till than yes you can do LOL.