Poor get poorer
As always, given the inequities built into the global economic system, the poorest people in the world have been the…
Country’s Forex reserves rose for a second consecutive week, going up by a robust $2.544 billion to $353.408 billion as of March 18 on a healthy rise in the core currency assets, the Reserve Bank said on Saturday.
After falling for two straight weeks, the total reserves had risen massively by $4.075 billion to $350.86 billion at the end of the previous reporting week.
The foreign currency assets (FCAs), a major component of overall reserves, increased by $2.524 billion to $329.999 billion in the reporting period, an RBI release said.
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FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Gold reserves were unchanged at $19.324 billion.
India’s special drawing rights with the International Monetary Fund (IMF) rose by $7.2 million to $1.486 billion, while the country’s reserve position with the Fund went up by $12.7 million to $2.597 billion, the RBI said.
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