INDIA’S Forex reserves achieve all-time high

Foreign Exchange Market in India - Paper Tyari

INDIAN bankers and experts are confident that the national economy is on the right track for recovery following appreciable GST collection followed by the country’s foreign exchange reserves. India’s forex reserves have recorded   3.618 billion dollars to touch a new lifetime high of 545.638  billion dollars in the week ended 2nd October. Foreign currency assets, a major part of the overall reserves, increased by 3.104 billion dollars to 503.046 billion dollars. The gold reserves rose by 486 million dollars in the reporting week to reach 36.486 billion dollars. The country’s special drawing rights with the International Monetary Fund rose marginally by 4 million dollars to 1.476 billion dollars, while reserve position with the IMF also went up by 23 million dollars to 4.631 billion dollars. Newly appointed SBI chairman Dinesh Kumar Khara has appreciated  RBI’s decision for keeping the key repo rate unchanged. Bank of India’s chief executive A K Das said the retail and small business segments will benefit by rationalization of risk weight for housing loans, enhancement of regulatory retail cap and co-lending with NBFCs.Punjab National Bank’s MD and CEO S S Mallikarjuna Rao welcomed the targeted long-term repo operations worth one lakh crore rupees and said it will support the economic growth. Indian Bank’s MD & CEO, Padmaja Chunduru said the RBI’s decision about maintaining comfortable liquidity conditions will assure the markets and enable the government to go ahead with its borrowing programme smoothly. (courtesy to Paper Tyari for the above pic)

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