Rupee Reality
For decades, India has treated the rupee less as an economic instrument and more as a symbol of national prestige.
For decades, India has treated the rupee less as an economic instrument and more as a symbol of national prestige.
In the previous reporting week, the overall reserves rose by USD 4.529 billion to USD 658.8 billion, the RBI said.
India's foreign exchange reserves witnessed a spike to USD 665.396 billion during the week ended March 28, the RBI said on Friday. The forex reserve increased for the fourth consecutive week, marking the highest level in nearly five months.
Reserve Bank of India (RBI) Governor, Sanjay Malhotra on Friday said India's foreign exchange reserves rose for a second straight week and stood at USD 630.6 billion as of January 31.
India's foreign exchange reserves fell by $5.7 billion to $634.59 billion for the week ended January 3, data released by the Reserve Bank of India (RBI) on Friday showed.
India's foreign exchange reserves surged by $4.55 billion to touch a new lifetime high of 648.7 billion mark during the week ended May 17, according to the latest data released by the RBI on Friday.
In recent years, as Pakistan has hurtled from one catastrophe to another, remittances sent by Pakistani workers living abroad have been a source of some small amount of stability.
The government needs to deal with the foreign exchange crisis. Instead of denying the fact that a serious problem exists and hoping that hoped for future flows of foreign exchange would ease the situation, the government needs to take concrete steps to rectify the situation immediately. In a rationally argued position paper, the Pathfinder Foundation has recommended that the government goes to the IMF to secure financial assistance.
On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $748 million to $566.988 billion.
Global oil benchmark Brent crude futures rose 0.41 per cent to USD 68.74 per barrel.
