The country’s foreign exchange reserve has crossed the $ 700 billion mark for the first time. On September 27, it increased by $ 12.58 billion in the last week to a new all-time high of $ 704.885 billion (about 59 lakh crores). Last week, this amount was at an all-time high of $ 692.296 billion. India has become the fourth country in the world to cross this milestone. This information was given by the Reserve Bank of India (RBI). According to RBI’s Friday data, the largest share of Indian forex is Foreign Currency Asset (FCA) at $ 616.154 billion. Currently, India’s gold reserve is $ 65.796 billion. According to estimates, India’s foreign exchange reserve is now sufficient to cover more than a year’s imports. Last year, India increased by $ 58 billion In the year 2023, India added about $ 58 billion to its foreign exchange reserves. Whereas in 2022, a decline of $ 71 billion was seen. The stock of foreign exchange reserves helps in protecting domestic economic activity from global shocks. Forex is the asset of the Central Bank or Monetary Authority Foreign exchange reserves are assets held by the central bank or monetary authority of a country. The central bank of the country keeps currencies like US dollar, euro, Japan’s currency yen and pound sterling in the foreign exchange reserves. Read this news too… No change in interest rates for the 9th consecutive time: Loans will not become expensive, EMI will also not increase; RBI maintained repo rate at 6.5% The Reserve Bank of India (RBI) has not changed the interest rates for the 9th consecutive time. RBI has kept the interest rates unchanged at 6.5%. That is, loans will not become expensive and your EMI will also not increase. RBI last raised the rates by 0.25% to 6.5% in February 2023. RBI Governor Shaktikanta Das today, Thursday, informed about the decisions taken in the Monetary Policy Committee (MPC) meeting going on from 6 August. This meeting is held every two months. RBI had not increased the interest rates in the earlier meeting held in June. Click here to read the full news… Federal Reserve cuts interest rates by 50 basis points: Rate will remain between 4.75% to 5%; Last reduced in March 2020 The US Federal Reserve has cut interest rates by 50 basis points. Now the interest rate will remain between 4.75% to 5%. Earlier in March 2020, the Fed had cut interest rates. To control inflation, the Central Bank of America had increased interest rates 11 times between March 2022 and July 2023. Last year, the Federal Reserve kept interest rates unchanged for the third consecutive time in its policy decision. On July 26, 2023, the Fed kept the policy rate unchanged in the range of 5.25%-5.5% as per market expectations. Click here to read the full news…
