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Foreign exchange reserves increase by more than $ 100 billion since the March lockdown; hit a lifetime high of $ 572 billion

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Reserves have increased by $ 4.277 billion since the week ended November 6, 2020.

Amid a severe blow to the Indian economy by the Covid pandemic over the past eight months, the country’s foreign exchange reserves have increased by more than $ 100 billion since the Covid-induced lockdown was put in place. effective at the end of March. From $ 469.9 billion in the week ended March 20, 2020, foreign exchange reserves jumped $ 102.8 billion to a lifetime high of $ 572.7 billion in the week ended on November 13, 2020, according to data released by the Reserve Bank of India. Importantly, reserves rose by $ 4.277 billion from the week ended November 6, 2020. The jump was due to foreign currency assets (FCA), a major component of the country’s reserves, which increased by $ 5.526 billion. dollars to $ 530.2 billion, from $ 524.7 billion in the previous week.

However, gold reserves declined by $ 1.233 billion, from $ 37.587 billion to $ 36.354 billion during the week. In contrast, special drawing rights with the International Monetary Fund (IMF) remained unchanged from the previous week at $ 1.488 billion, the data showed.

Foreign portfolio investors (REITs) have so far invested Rs 49,553 crore in Indian markets in November thanks to high liquidity and improving global indicators and clarity after the US presidential elections, PTI reported . The investment stood at Rs 44,378 crore in stocks and Rs 5,175 crore in the debt segment between November 3 and 20 while the October REIT investment was Rs 22,033 crore. In contrast, India recorded its highest foreign direct investment (FDI) on record in the first five months of April to August of the current fiscal year. The total inflow was $ 35.73 billion, according to the Ministry of Trade and Industry, also 13 percent more than a year ago.

Also read: Punjab & Sind Bank to raise up to Rs 5,500 cr via pre-issue

Meanwhile, bank credit rose 5.67% to Rs 104.04 lakh crore during the fortnight ended November 6, 2020, according to RBI data. Bank credit stood at Rs 98.46 lakh crore in the fortnight ended November 8, 2019. In addition, deposits had jumped 10.63 percent to Rs 143.80 lakh crore from Rs 129.98 lakh crore as of during the said period.

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