India’s forex reserve reached to $642 billion

India’s forex reserve reached to $642 billion

Team ambitiousbaba and AB are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is Regulatory forbearance to contain India’s forex reserve reached to $642 billion.

What is forex reserve?

Its full name is foreign exchange reserves which is type of assets that are maintained at the central bank of particular country. It shows the global strength in terms of its currency in the world.

Indian forex reserves have increased by $1.9 billion and reached to total $642 billion in the week ended October 29. As per Reserve Bank of India, It is happened due to a healthy increase in the currency assets and value of gold.

The overall reserves had declined by $908 million to $640 billion at the end of the previous week. A foreign currency asset which contains a major part of the overall reserves is increased by 1.363 billion to $578.46 billion in this week. If we understand this scenario with expression 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 foreign exchange reserves. The valuation of the gold reserves is enhanced by $572 million to $39 billion in the week.

The Special drawing rights (SDR) with the International Monetary Fund (IMF) rose by $17 million to $19 billion. Indian reserves are increased with the International Monetary Fund by $1 million to $5.242 billion in this week.

Question & Answer:

Q1. What is the value of India’s forex reserve?

Ans. 642.019 billion dollar

Q2. What is the Special Drawing Rights (SDR)?

Ans. It is subsidiary of foreign exchange reserve assets which is maintained by IMF

 

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