Another good news has emerged amidst signs of improvement in the economy. Amidst the Corona crisis, the country’s treasury has been filled with foreign exchange reserves. The foreign exchange reserves have reached the highest level ever. This is a major achievement for the central government
the country’s treasury reached record level
Actually, due to the Corona crisis, there have been many shocks on the economic front in the last two quarters, but during this time the foreign exchange reserves have increased continuously. The country’s foreign exchange reserves rose by $ 7.779 billion during the week ended November 6, reaching a level of $ 568.494 billion.
Foreign exchange reserves have crossed the $ 568 billion level for the first time, a record in itself. Earlier on October 30, it was $ 1.83 million strong at $ 560.715 billion. According to the RBI, during the week ending November 6, the major increase in foreign currency assets (FCA) was reflected in the foreign exchange reserves, reaching over $ 568 billion.
Foreign currency assets climbed by $ 6.403 billion to $ 524.742 billion in the week under review. The FCA includes the euro, pound and other currencies excluding the US dollar. It is also calculated in dollar value. During this period, the value of gold reserves rose by $ 1.328 billion to reach $ 37.587 billion.
first time in the week ended June 5, the foreign exchange reserves of the country went above the level of $ 500 billion. At that time it had reached $ 501.70 billion with a strong increase of $ 8.22 billion.
Increasing foreign exchange reserves means increasing
foreign exchange reserves is a good thing for the economy of any country. It consists mostly of dollars in currency. Business is done worldwide through dollars. When we sell something to a country, we also get US dollars in return. This is the reason why every country wants to export more than imports so that it has more revenue than dollars.