India forex reserve shrinks now to 275 $US Billion

[AMCA]

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.

Come on dude, read from first, dont quote me half. I cant repeat what I have been saying. request you to come from first.

 

[American_Millenium]

Come on dude, read from first, dont quote me half. I cant repeat what I have been saying. request you to come from first.

You talked of your "abundant" gold reserves, and your currency being one of the "most traded by value".

My response was in proving you incorrect in both statements. What else is relevant to your comment that I missed?

 

[AMCA]

You talked of your "abundant" gold reserves, and your currency being one of the "most traded by value".

My response was in proving you incorrect in both statements. What else is relevant to your comment that I missed?

You missed it all.. Never did I make any statement like that. All I said is, if our abundant golds(Golds which are not included in Forex) are included in Forex then we are gonna come out of this trouble and that Indian Rupee stands in a comfortable position in the list of Most traded currencies by value.

You dint have to be so emotional and eager to mis represent me.

On a Side note, India currently holds around 20,000 tons of gold,worth $950 billion, out of which only 2.79% – is held by the Reserve Bank of India, making it the 11th largest official owner of gold in the world. Now do you get what I am coming to say?

 

[faithfulguy]

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

I believe it has nothing to do with Rupee. Dollar is falling in the world market. That has implication on the world trade. The fallen rupee is just an internal affair of India and has minimal affect on the world's trading and financial markets. This is because India is not a major trading country anyway and have zero affect on other major economies. Do you see another major country suffer because India is now screwed. NOBODY, ZIP, NONE.

 

[Pulsar]

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.

So why are YOU Lol-ing? Got a wild hair tickling you in your a$$ whenever India's forex exchange dips?

 

[faithfulguy]

You missed it all.. Never did I make any statement like that. All I said is, if our abundant golds(Golds which are not included in Forex) are included in Forex then we are gonna come out of this trouble and that Indian Rupee stands in a comfortable position in the list of Most traded currencies by value.

You dint have to be so emotional and eager to mis represent me.

On a Side note, India currently holds around 20,000 tons of gold,worth $950 billion, out of which only 2.79% – is held by the Reserve Bank of India, making it the 11th largest official owner of gold in the world. Now do you get what I am coming to say?

Are you saying that India should print more money base on the privately held gold?

 

[shuttler]

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

who own the gold?
Dump your gold now. Why wait?

 

[AMCA]

Are you saying that India should print more money base on the privately held gold?

Nope, that is not what I am advocating for. Increase RBI's Gold reserves by getting in terms with Indian temples and other un-accounted privately held assets.

who own the gold?
Dump your gold now. Why wait?

It does not belong to the govt. It belongs to the royal families in India. Govt has bean trying a negotiation with them, but with the corrupt govt we have , its better not to give it to them until a good governance comes into practice.

 

[Masters]

So why are YOU Lol-ing? Got a wild hair tickling you in your a$$ whenever India's forex exchange dips?

Who is 'LOL-ing'?

Where does he say 'LOL'?

 

[American_Millenium]

You missed it all.. Never did I make any statement like that. All I said is, if our abundant golds(Golds which are not included in Forex) are included in Forex then we are gonna come out of this trouble and that Indian Rupee stands in a comfortable position in the list of Most traded currencies by value.

You dint have to be so emotional and eager to mis represent me.

On a Side note, India currently holds around 20,000 tons of gold,worth $950 billion, out of which only 2.79% – is held by the Reserve Bank of India, making it the 11th largest official owner of gold in the world. Now do you get what I am coming to say?

Me getting emotional? Yea ok. You are the one making a huge deal out of literally nothing. Nothing...

You said that you have abundant gold reserves. My answer is that you don't.

As for the actual value of gold reserves, I don't follow what you are saying. The central bank has around the number I stated, but you are talking about all gold in the country. Why not just include all cash in private hands into the Forex reserve while you're at it?

 

[AMCA]

Me getting emotional? Yea ok. You are the one making a huge deal out of literally nothing. Nothing...

You said that you have abundant gold reserves. My answer is that you don't.

As for the actual value of gold reserves, I don't follow what you are saying. The central bank has around the number I stated, but you are talking about all gold in the country. Why not just include all cash in private hands into the Forex reserve while you're at it?

Seriously man, I am using your language to communicate , yet, you find it difficult to correctly interpret what I am saying. I never said We have abundant Gold reserves, We have abundant gold though, accounted to almost USD900+ Billion.

I would like RBI to increase its possession of gold, It can either import or come into terms with people or institutions who single handedly preserve gold worth billions of Dollars.

The govt can encourage them to invest in a govt funded Forex firm etc etc...

 

[American_Millenium]

Seriously man, I am using your language to communicate , yet, you find it difficult to correctly interpret what I am saying.

You don't even know how to interpret what you are saying..

I never said We have abundant Gold reserves

Quote: "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."

So really, I'm not mistaking anything. You think your economic crisis will be resolved when your gold reserves are included in the Forex account. OK, you made a mistake and you meant the total gold in the country, though you're too prideful to admit it.

But again, how do you include the total gold in the country? Your entire comment seems to be a "mistake", LOL.

I would like RBI to increase its possession of gold, It can either import or come into terms with people or institutions who single handedly preserve gold worth billions of Dollars.

Now you are saying something entirely different. Instead of having the gold reserves (ahem I mean total gold in the country) "included in the Forex Account", you will instead start exchanging cash for gold.... which does what exactly to make your country have "one of the biggest asset classes in the world"???

You don't seem to know what you are saying.

 

[Lux de Veritas]

When the world revert to gold standards or some form of monetary system whereby gold is a significant part of reserve, India's truth wealth will be manifested. It is estimated that Indians hoarded 20 ktons of gold. A partial gold standards will easily send gold price up to USD10, 000 per/oz. Then, India's gold hoard will be equivalent to USD6.6 trillion.

I believe the days of USD hegemony is numbered and soon people may start looking for a new reserve currency. What about RMB? China may not want RMB to be reserved currency as that would make her go de-industrialize. similar to the fate of USA.

Eventually the world could settle on a partial gold standard first. I believe fiat, oil, copper, silver, gold could constitute a basket of reserve. The would readjust gold price. If the world really go true gold and silver standards, I would see India becoming a middle income country over night.

This is not a bad thing. India will have capital to lift massive number of people out of poverty and to further development of hardware infrastructure as well as human capital.

 

[AMCA]

You don't even know how to interpret what you are saying..



Quote: "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."

So really, I'm not mistaking anything. You think your economic crisis will be resolved when your gold reserves are included in the Forex account. OK, you made a mistake and you meant the total gold in the country, though you're too prideful to admit it.

But again, how do you include the total gold in the country? Your entire comment seems to be a "mistake", LOL.



Now you are saying something entirely different. Instead of having the gold reserves (ahem I mean total gold in the country) "included in the Forex Account", you will instead start exchanging cash for gold.... which does what exactly to make your country have "one of the biggest asset classes in the world"???

You don't seem to know what you are saying.

INR is dependent on how balanced we have our gold. We are unable to keep our cash flow balanced Even Though gold being one of our largest imports and the change in cost of this yellow metal badly hits our economy. We don’t need to import gold if we could rightly redistribute the productive assets such as gold. I hope you are much clear now, that I am not advocating for our entire wealth to be put into reserves.

 

[Anonymous user]

Nope, that is not what I am advocating for. Increase RBI's Gold reserves by getting in terms with Indian temples and other un-accounted privately held assets.



It does not belong to the govt. It belongs to the royal families in India. Govt has bean trying a negotiation with them, but with the corrupt govt we have , its better not to give it to them until a good governance comes into practice.

AMCA if your government doesn't own it or control it then your argument is not worth anything, hence it will be no means of any help to India in this discussion.

Humans are inherently selfish, rarely would anyone give up control of their asset willingly. Its like saying every family in India should place their families gold with the RBI to save the country. Would you be the first to volunteer your assets?