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

[undercover JIX]

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.

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

www.moneycontrol.com

My dear Indian friend,
When you are posting a new thread, please check for similar threads before.

We already understand that, India is Super Power and universe survived so far because of Indians.

This is just a start before India reclaims its original status as World Leader, same like ancient times.

Under Modi Ji's leadership it wont take long.

India's forex reserves are now larger than its external debt

India's forex reserves at US $555 billion are now larger than its external debt India's forex reserves jumps by US$ 3.615 billion in the week ended 16 October India's foreign exchange reserves increased by US$ 3.62 billion to US$ 555.12 billion in the week ended 16 October 2020 External debt...

defence.pk

Thank you

 

[migflug]

Factory output hits decade high in October as demand bounces back: PMI

Factory output hits decade high in October as demand bounces back: PMI

The Nikkei Manufacturing Purchasing Managers' Index rose to 58.9 in October from September's 56.8

www.business-standard.com

 

[Dark1]

The FE is surging but our rupee weakened by a 1 rupee to the dollar in the last one week. 73.5 to 74.4 to a dollar.
For whatever reason RBI is deliberately weakening the rupee by reducing usd supply in the market. A tactic to increase exports.
A country typically needs just 8 months of FE for imports as a safety. More than that is not useful. India is ok at 150 to 200 b usd.
Nowadays the imports are down due to restrictions on Chinese imports , so the overall reserves are increasing, but our exports are also down due to recession in the world.
Luckily we are a domestic demand led country, so exports are not critical.

 

[Mugen]

Slightly off topic, what's the tax collection like in India?

 

[Dark1]

Slightly off topic, what's the tax collection like in India?

https://www.financialexpress.com/economy/gross-direct-tax-mop-up-dips-4-92-to-rs-12-33-lakh-crore-in-fy20/1984148/

12.3 lakh cr of direct
Around 12 lakh cr of indirect like gst
But these are 18 19 figures , now increased

330 b usd per annum.

 

[Beast]

The scheduled salty Chinese comment.

Salty? You want to compare the amount of national foreign reserve of China vs India and see who is salty?

 

[xeuss]

Which implies their economy is gaining and getting stronger... don't you think?

I remember reading somewhere that oil was India's largest monthly foreign exchange transaction. With oil prices at historic lows for a while now, perhaps the regular purchases for the dollar has dropped significantly, thus created larger reserves.

 

[CIA Mole]

India pretty much reversed all lockdown so we can expect a huge bounce back, unless COVID strikes hard again

 

[Chhatrapati]

Salty? You want to compare the amount of national foreign reserve of China vs India and see who is salty?

China stronk kid is here too

 

[CIA Mole]

India seems immune to diseases, but not poor leadership

 

[925boy]

By the way, India is the largest Beef exporter.

Not cow beef though, wild ox beef.

 

[Arulmozhi Varman]

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?

Doesn't mean anything. We have received lots of FDI in this summer. Nearly 20B for one company alone. And some totally 40B dollars. Not counting the remittances and FII.

The GDP has taken a sharp V recovery and if it continues economist has said our economy might not contract but grow at 0-0.25%. Worst case contraction can be 2-3%. We are waiting to see if it's pent up demand getting fullfilled now or real economic growth has started. Indian economy is still in recovery phase.
Good thing is we have created some new industries in the lockdown. China diversification is leading to new manufacturing investment. From next year we should see improvement in exports. It's an interesting phase.b

I remember reading somewhere that oil was India's largest monthly foreign exchange transaction. With oil prices at historic lows for a while now, perhaps the regular purchases for the dollar has dropped significantly, thus created larger reserves.

It's a double edged sword. We are one of the largest exporters of refined crude as well. We have huge refinery capacity. If imports gets less, exports get even lesser.

 

[Beast]

China stronk kid is here too

Must have hit right on your nerves. Poor man.

 

[Chhatrapati]

Must have hit right on your nerves. Poor man.

One of an obsession for you two to follow us around.

 

[letsrock]

once again the forex number worship nonsense. India foreign reserves are a mix bag of currencies but calculated in usd . All currencies like yen,euro,gbp appreciated by 2-3 percent last week against dollar. Even assuming half of indian assets are in these currencies that is 5-6 billion USD increase. So nothing happened really.

If there is any real demand for indian currency then it would have appreciated instead it depreciated last week.