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As the world is in the midst of the ‘Great Election Year’ of 2024, the International Monetary Fund (IMF) has sounded the alarm on the perilous tight-rope walk between democratic exercises and fiscal responsibility.
Country’s foreign exchange reserves surged by $3.623 billion touch hit $538.191 billion mark in the week ended August 7, RBI data showed.
According to the Reserve Bank of India’s weekly statistical supplement, the reserves stood at $534.568 billion for the week ended July 31.
India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).
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FCA was up by $1.464 billion to $492.293 billion in the reporting week, the central bank 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 reserves.
Similarly, the value of the country’s gold reserves increased, but by $2.160 billion to $39.785 billion. The SDR value inched up by $6 million to $1.481 billion.
However, the country’s reserve position with the IMF declined by $7 million to $4.632 billion.
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