Anand Rathi: India - The Fourth Largest Forex-Reserve Holder In The World
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Anand Rathi Report
India has overtaken Taiwan to become the fourth-largest forex-reserve holder in the world.
Forex reserves for the week ending August 28, 2020 was 541 billion dollar, a 3.9 billion dollar rise over the previous week.
The reserve build-up in Q1 FY21 (27 billion dollar) was almost equally split between the Reserve Bank of India’s dollar buying and mark-to-market valuation gains.
In Q2 FY21, the rise in forex reserves ( 36 billion dollar so far) is being driven mainly by the RBI’s forex buying.
This is averting large rupee appreciation and keeping domestic liquidity accommodative.
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