India’s treasury is growing strongly
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Indian Economy: India’s economy is growing rapidly. The entire world economy is seeing it as a global catalyst. Meanwhile, it is being told that as of March 22, India’s foreign exchange reserves have increased by $140 million and reached a new high of $642.631 billion. According to the information given by the Reserve Bank of India, this is the fifth consecutive week when foreign exchange reserves have increased. A week before this, the total foreign exchange reserves of the country had increased by 6.39 billion dollars to 642.49 billion dollars. In September, 2021, the country’s foreign exchange reserves had reached a high of $ 642.45 billion. But amidst the pressures caused by global activities, the central bank used capital reserves to stop the fall of the rupee, due to which there was a slight decrease in the currency reserves.
Gold reserve also increased
According to Reserve Bank data, in the week ending March 15, foreign currency assets, considered an important part of the currency reserves, declined by $ 123 million to $ 568.38 billion. Foreign currency assets in dollar terms include the impact of movements in non-US currencies such as the euro, pound and yen held in foreign exchange reserves. The Reserve Bank said that during the week under review, the value of gold reserves increased by $ 347 million to $ 51.48 billion. The Reserve Bank said that the Special Withdrawal Authority (SDR) decreased by $ 57 million to $ 18.219 billion. According to the Reserve Bank, India’s reserve deposits with the International Monetary Fund (IMF) also decreased by $ 27 million to $ 4.662 billion in the week under review.
Also Read: Income Tax Department detected more than eight thousand people who were taking HRA benefits through illegal PAN cards.
Why are foreign exchange reserves important?
Foreign exchange reserves are important for any country. Through this the country does business with any other country. For example, we have to buy crude oil from some country. This purchase will be in dollars. In such a situation, we should have enough currency to give to the selling country. Foreign exchange reserves are an important source of financial organizational control for a country. It can serve as a control that keeps foreign exchange levels balanced and maintains financial stability. Governments are able to make payments to international organizations. This allows it to provide financial assistance, make payments for internal and external debt, and participate in other related financial functions. ,language input,
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