India's foreign exchange reserves crosses $355 billion for the first time.

[Skull and Bones]

KOLKATA: India's foreign exchange reserves has crossed $355 billion for the first time, Reserve Bank of India data showed.

The reserves rose $1.171 billion in the week to June 19 to $355.459 billion with the central bank intervening in the forex market to nullify the impact of steady dollar flows.

Rupee gains with strong dollar flows but this makes exports less remunerative. RBI sterilises the flow to prevent the rupee gaining sharply when it wants to keep Indian exports competitive in the international market.

RBI does not give any reason behind the weekly movement in the reserves. The rupee closed at 63.62 a dollar compared to previous Friday's 63.52.

RBI data showed that foreign currency assets rose $1.136 billion to $330.717 billion. Foreign currency assets constitute the bulk of the reserves and reflect the change in the value of reserves held in other global currencies, including the euro, pound and yen due to exchange rate movements. Gold reserves remained unchanged at $19.340 billion.

India's foreign exchange reserves crosses $355 billion for the first time - The Economic Times

 

[ito]

Hope it will cross half a trillion in next two years.

 

[hellraider]

Hope it will cross half a trillion in next two years.

It will. But we should try to increase foreign exchange to atleast 20% of GDP.

 

[Archie]

As long as oil prices remain around 60 USD,
Forex reserves will rise by 35-40 Billion USD a year,
As per Arun Jaitley, "every thing being constant, Indian Forex holdings will keep on increasing , as long as oil prices remain below 102 USD.

 

[Suman]

Long time question How does it help India and common man.

 

[JanjaWeed]

That's what you get when you have suit boot ki sarkar instead of suitcase ki sarkar. & ya...that falling oil prices was a great help too....

 

[OrionHunter]

And to think that India's foreign exchange reserves in 1991 before we embarked on economic reforms was just $ 500 million - just enough for a couple of weeks of imports!!

And now it's $355 billion and growing!

We've come a long way baby!!

 

[Armstrong]

@levina apa - Send me half of this $355 billion as pocket money !

 

[utraash]

Good news.....

 

[Levina]

And to think that India's foreign exchange reserves in 1991 before we embarked on economic reforms was just $ 500 million - just enough for a couple of weeks of imports!!

And now it's $355 billion and growing!

We've come a long way baby!!

I read that we need atleast $420 billion to take care of key vulnerabilities, so $360billion is not enough.

@levina apa - Send me half of this $355 billion as pocket money !

As if all this amount comes to my account

 

[OrionHunter]

Long time question How does it help India and common man.

This is how....

The The The common man now has more in his pocket to spend! Well, most of them.....

 

[Stephen Cohen]

@levina apa - Send me half of this $355 billion as pocket money !

Sorry mate ; Levina does not own this money

Nobody does ; it is the Govt of India who owns it

Even PM Modi cannot spend money on his own wish ; there is
a whole set of rules and procedures about government expenditure

 

[gslv]

@levina apa - Send me half of this $355 billion as pocket money !

Nigerian style -you have won 1 billion of the forex reserve by Yahoo lottery . first deposit hundred thousand dollar for processing.

 

[Armstrong]

As if all this amount comes to my account

It doesn't ? Tou whats the point of being Levina - the Rani of Jhansi ?

 

[IND151]

And to think that India's foreign exchange reserves in 1991 before we embarked on economic reforms was just $ 500 million - just enough for a couple of weeks of imports!!

And now it's $355 billion and growing!

We've come a long way baby!!

In 1970, we had GDP of 63.5 Billion Dollars.

And now we have 2 Trillion Dollar Economy.

We have come a long way and our Policy Makers deserve much credit.

https://www.google.co.in/url?sa=t&r...pYDgCw&usg=AFQjCNH0eRAPnPcKI8fVSMfsSLz-QU3PKg

As long as oil prices remain around 60 USD,
Forex reserves will rise by 35-40 Billion USD a year,
As per Arun Jaitley, "every thing being constant, Indian Forex holdings will keep on increasing , as long as oil prices remain below 102 USD.

I hope our Foreign Exchange reaches 1 Trillion Dollar Mark in coming years.