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RSS FeedsIndia has over $500 billion of forex reserves. 5 ways it will help Modi govt
(WorldNews India)

 
 

3 july 2020 02:17:38

 
India has over $500 billion of forex reserves. 5 ways it will help Modi govt
(WorldNews India)
 


India has accumulated the world`s fifth-largest foreign exchange reserves at more than $500 billion, making it a bright spot in an otherwise dismal economy. The reserves were bolstered by a rare current-account surplus in the first quarter, a return of inflows into the local stock market and foreign direct investment, including into a unit of Reliance Industries Ltd., India`s largest company by revenue. That allowed the central bank to mop up close to $25 billion in foreign exchange to add to its reserves in the quarter through June, according to analysts such as Anubhuti Sahay, chief India economist at Standard Chartered Plc in Mumbai. A strong reserve buffer is a cushion against market...


 
12 viewsCategory: General > Asia > India
 
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