India’s foreign exchange reserves may have exceeded $ 600 billion, says RBI governor

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that India

According to RBI data released on May 28, the country’s foreign exchange reserves rose $ 2.865 billion to a record high of $ 592.894 billion for the week ending May 21, boosted by gold assets and in foreign currencies.

“Based on the current estimate, we believe that our

To increase liquidity, the RBI announced several measures, including a special liquidity facility for various sectors affected by the COVID-19 pandemic.

The central bank also announced the G-sec Acquisition Program (G-SAP) 2.0, which will help calm returns and control the excessive volatility faced by players in the government securities market.

During the second quarter of the current fiscal year, the RBI said it would purchase Rs 1.20 lakh crore from G-sec on the secondary market, as part of G-SAP 2.0.

RBI will buy Rs 40,000 crore in government securities on June 17, and the remaining schedule will be announced later, he said.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor


Source link

About Eric Harris

Eric Harris

Check Also

Forex has helped avoid a currency flight, but the continued influx has its risks

Web exclusivity At a time when India is facing stagflation, its foreign exchange reserves have …